Senmiao Technology Announces Over 710,000 Completed Rides on its Ride-Hailing Platform in February 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported key operating metrics for its online ride-hailing platform for February 2021. The company experienced a sequential decline in completed rides and active drivers during mid-February, attributed to the Lunar New Year holiday. However, ride numbers rebounded in the final week of February. Cumulatively, over 2.9 million rides have been completed since launch, with approximately 710,000 rides in February alone. Active drivers grew by 16% month-over-month. Notably, 32% of active drivers also lease vehicles from Senmiao, showcasing cross-selling success.

Positive

• Over 710,000 completed rides in February 2021.
• Total rides surpassed 2.9 million since platform launch.
• Active drivers increased by approximately 16% from December to February.
• 32% of active drivers leasing vehicles indicates effective cross-selling strategy.

Negative

• Sequential decrease in completed rides during mid-February due to Lunar New Year.
• Decline in the number of active drivers completing rides during the holiday.

CHENGDU, China, March 8, 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 February 2021, which showed a sequential decrease in number of completed rides (known as orders) and active ride-hailing drivers who completed rides and earned income via the platform (known as Active Drivers) from January as a result of seasonality driven by the Lunar New Year holiday in China. The number of completed rides decreased in the two weeks of mid-February 2021 due to the national holiday but rose back to pre-holiday levels in the last week of the month.

Since its launch in Chengdu in October 2020, in Changsha in December 2020 and in Neijiang in January 2021, over 2.9 million rides have been completed using Senmiao's online ride-hailing platform, including over 710,000 rides during February 2021. The growth rate of the number of completed orders and Active Drivers from December 2020 to February 2021 was approximately 15% and 16%, 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
Cumulative		2,938		8,829		N/A

In addition, at the end of February 2021, approximately 32% 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.

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 Senmiao Technology's ride-hailing metrics for February 2021?

Senmiao Technology reported over 710,000 completed rides for February 2021.

How did the Lunar New Year affect Senmiao's ride-hailing operations?

The Lunar New Year caused a sequential decrease in completed rides and active drivers during mid-February.

What is the growth rate of active drivers in Senmiao's ride-hailing platform?

Active drivers grew by approximately 16% from December 2020 to February 2021.

How many rides has Senmiao Technology completed since its launch?

Senmiao Technology has completed over 2.9 million rides since its launch.

What percentage of active drivers lease vehicles from Senmiao?

Approximately 32% of active drivers lease vehicles from Senmiao.