Senmiao Technology Announces Launch of Proprietary Ride-Sharing Platform
Senmiao Technology Limited (Nasdaq: AIHS), based in Chengdu, China, has launched its proprietary online ride-sharing platform, Xixingtianxia, targeting local drivers and riders. The platform aims to enhance Senmiao's existing automobile transaction services and foster partnerships with leading ride-hailing services. Starting in late October 2020, the platform is expected to generate revenue through fees and commissions per ride. Senmiao plans to expand Xixingtianxia to Changsha in the coming weeks, aligning with the rebound in demand for public transportation in China.
- Launch of the Xixingtianxia ride-sharing platform enhances service offerings.
- Potential revenue generation through fees and commissions on rides.
- Expansion plans to additional cities, starting with Changsha.
- Dependent on the recovery of public transportation demand post-COVID-19.
CHENGDU, China, Nov. 18, 2020 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China, today announced that it has recently launched Xixingtianxia, its own proprietary online ride-sharing platform, to drivers and riders in Chengdu, China, one of its core cities with a population of approximately 16 million.
Through its automobile transaction and related services business, Senmiao has created partnerships with leading ride-hailing services in China. As part of its goal to provide an all-encompassing solution for ride-sharing drivers, Senmiao is now operating its own online ride-sharing platform as a means of connecting drivers and riders in Chengdu. Senmiao believes that the availability of more online platforms to drivers and riders can help grow its financing and car leasing businesses.
Senmiao began to roll-out Xixingtianxia in specific markets within Chengdu in late October 2020, specifically to current driver customers. Senmiao expects to generate revenue from Xixingtianxia by earning fees and commission on a per ride basis, and has created what it hopes will be a stable growth plan for Xixingtianxia focused on ensuring that its technology performs as expected. In the past several weeks, Senmiao has expanded marketing of Xixingtianxia to a larger pool of potential drivers and riders in Chengdu.
While Senmiao intends to focus Xixingtianxia on drivers that currently finance or lease vehicles through Senmiao, Xixingtianxia is also available to others. Senmiao intends to launch the platform in Changsha, China in the coming weeks.
Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "Senmiao's goal has been to provide ride-sharing drivers with a complete solution, which is now expanding from financing and leasing options to a proprietary ride-hailing service platform. We have partnered with, and will continue to partner with, companies that can help us build a robust platform for our target drivers and their customers. Our value proposition is centered on offering safe, energy-efficient and cost-efficient vehicles for drivers to begin or continue a career in the online ride-hailing industry, along with services that ensure the safety of both the drivers and general public. As demand for public transportation continues to rebound following the initial onset of the COVID-19 pandemic in China, we feel that we are well-positioned to take advantage of the booming online ride-hailing market in our areas of operation."
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 its own ride-hailing platform aimed principally at the growing ride-sharing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com.
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-sharing platform as described herein) 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
© 2020 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited
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