Senmiao Technology Announces Approximately 2.1 Million Completed Rides on its Ride-Hailing Platform in June 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported operating metrics for June 2021, indicating a 4% decrease in completed orders compared to May 2021, attributed to COVID-19 restrictions in Guangzhou. However, Active Drivers rose by 2%. Since launching its ride-hailing platform in October 2020, Senmiao has completed approximately 10.5 million rides, including 2.1 million in June 2021. The average growth rate for completed orders and Active Drivers over six months ending June 30, 2021, was around 29% and 28%, respectively.

Positive

• Active Drivers increased 2% in June 2021.
• Approximately 10.5 million total rides completed since platform launch.
• Average monthly growth rates of about 29% for completed orders and 28% for Active Drivers over the six months to June 30, 2021.

Negative

• Completed orders decreased by 4% from May 2021 due to COVID-19 related restrictions.

CHENGDU, China, July 6, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced operating metrics for its proprietary online ride-hailing platform for the month of June 2021. From May 2021 to June 2021, the number of completed orders decreased approximately 4%, primarily due to a COVID-19 resurgence in Guangzhou, which resulted in travel restrictions and lockdowns being implemented by the local government. The number of drivers completing rides via the platform (known as Active Drivers) in June 2021 increased approximately 2% from May 2021.

Since the launch of Senmiao's online ride-hailing platform in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, in Guangzhou at the end of March 2021, and in Nanchong and Panzhihua in June 2021, approximately 10.5 million rides have been completed using the platform, including approximately 2.1 million rides during June 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the six months ended June 30, 2021, was approximately 29% and 28%, respectively.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

		Completed Orders (Approximate, in thousands)		Total Fares Paid by Riders (Approximate, $ in thousands USD)		Active Drivers (Approximate)
October 2020		161		531		1,800
November 2020		537		1,646		3,400
December 2020		620		1,862		5,000
January 2021		910		2,626		8,300
February 2021		710		2,164		7,000
March 2021		1,540		4,492		11,500
April 2021		1,790		5,332		16,500
May 2021		2,154		6,376		18,000
June 2021		2,068		6,193		18,500
Cumulative		10,490		31,222		N/A

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                       In China
Adam Prior, Senior Vice President                                                  Lucy Ma, Associate
(212) 836-9606                                                                                 +86 10 5661 7012
aprior@equityny.com                                                                      lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What were the completed rides for Senmiao Technology in June 2021?

Senmiao Technology reported approximately 2.1 million completed rides on its platform in June 2021.

How did COVID-19 affect Senmiao's ride-hailing orders in June 2021?

The company experienced a 4% decrease in completed orders from May 2021 due to travel restrictions caused by a COVID-19 resurgence in Guangzhou.

What is the total number of rides completed by Senmiao since its platform launch?

Since its launch, Senmiao has completed approximately 10.5 million rides on its online ride-hailing platform.

What was the trend in Active Drivers for Senmiao in June 2021?

Active Drivers increased by about 2% from May 2021.