Senmiao Technology Announces Launch of Ride-Hailing Platform in Changsha, its Second Major City in China
Senmiao Technology Limited (Nasdaq: AIHS) announced the launch of its online ride-hailing platform, Xixingtianxia, in Changsha, China, following its initial launch in Chengdu. This strategic move targets a city with a population of approximately 8 million, enhancing Senmiao's presence in the growing ride-hailing market. Recent collaborations with platforms like Gaode Map and Meituan, along with agreements for purchasing electric vehicles from BYD Company, further bolster its service offerings. CEO Xi Wen expressed optimism about market recovery despite COVID-19 uncertainties.
- Launch of Xixingtianxia platform in Changsha, expanding market presence.
- Strategic partnerships with Gaode Map and Meituan for enhanced service integration.
- Agreements signed with BYD for electric vehicle purchases, indicating commitment to sustainability.
- Continued uncertainties due to potential COVID-19 impacts on the ride-hailing industry.
CHENGDU, China, Dec. 18, 2020 /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 the launch of its proprietary online ride-hailing platform, Xixingtianxia, for drivers in Changsha, China. Changsha is the second city in China in which Senmiao has launched its platform (along with Chendgu in late October 2020).
The expansion to Changsha is strategic for Senmiao, as it has previously served as a core city in which Senmiao initially provided auto financing and leasing services for the ride-hailing market. Changsha is the capital and highest populated city in Hunan Province in China, with approximately 8 million people.
In recent weeks, Senmiao has strengthened the total solution it provides to ride-hailing drivers through collaborations with integration platforms in China, such as Gaode Map and Meituan (HK: 3690). Senmiao expects its service in Changsha to grow through the integration of these applications with its platform in the near future. In addition, the Company recently signed agreements with affiliates of BYD Company Limited (electric vehicle manufacturer (HK:1211 and SZSE:002594)) for the purchase of electronic vehicles in Changsha.
Mr. Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have launched Xixingtianxia in Changsha following a successful roll-out in Chengdu. We remain cautious as to the impact of further COVID-19 developments on the ride-hailing industry, but feel that the efforts made over the second half of 2020 have prepared Senmiao to take advantage of a recovery in the coming year. Senmiao remains hyper-focused on growing market share in two large metropolitan markets in China, as Chengdu and Changsha have a total population of approximately 24 million people. With the partnerships Senmiao has implemented, we are confident in our ability to expand our market position."
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 ride-hailing 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-hailing platform in Changsha and Chengdu, China) 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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