Senmiao Technology Announces Over 1.5 Million Completed Rides on its Ride-Hailing Platform in March 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported significant growth in its ride-hailing platform for March 2021, with completed orders increasing by approximately 117% from February. The company reached over 4.4 million rides since launch and 1.5 million rides in March alone. Active Drivers also surged by 64% month-over-month. The average growth rates for completed orders and Active Drivers over the last three months were around 47% and 38%, respectively. Notably, 15% of Active Drivers are now leasing cars from Senmiao, indicating a successful strategy to cross-sell its services.

Positive

• 117% increase in completed orders from February to March 2021.
• 64% rise in Active Drivers completing rides from February to March 2021.
• Over 4.4 million total rides completed since the platform's launch.
• 1.5 million rides completed in March 2021 alone.
• Average monthly growth rates of 47% for completed orders and 38% for Active Drivers over the last three months.
• 15% of Active Drivers are leasing cars from Senmiao, indicating effective cross-selling.

Negative

• None.

CHENGDU, China, April 7, 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 March 2021. The growth rate of the number of completed orders and drivers completing rides and earning income via the platform (known as Active Drivers) from February 2021 to March 2021 was approximately 117% and 64%, respectively.

Since its launch in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, and in Guangzhou in March 2021, over 4.4 million rides have been completed using Senmiao's online ride-hailing platform, including over 1.5 million rides during March 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the three months ended March 31, 2021, was approximately 47% and 38%, 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
Cumulative		4,478		13,321		N/A

In addition, at the end of March 2021, approximately 15% of Active Drivers also lease automobiles from Senmiao, which demonstrates early results from Senmiao's strategy to cross sell its core ride-hailing focused automobile finance and leasing business with the newer ride-hailing business.  

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. 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.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com 

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com

© 2021 Senmiao Technology Ltd. All rights reserved.

 

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SOURCE Senmiao Technology Limited

FAQ

What were the completed orders for Senmiao's ride-hailing platform in March 2021?

Senmiao Technology reported approximately 1,540 completed orders in March 2021.

How many rides has Senmiao completed since its launch?

Senmiao's ride-hailing platform has completed over 4.4 million rides since its launch in October 2020.

What is the growth rate of Active Drivers for March 2021?

Active Drivers increased by approximately 64% from February to March 2021.

What percentage of Active Drivers are leasing vehicles from Senmiao?

Approximately 15% of Active Drivers are leasing vehicles from Senmiao.

What was the average monthly growth rate for completed orders in early 2021?

The average monthly growth rate for completed orders was about 47% over the last three months ending March 2021.