Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for November 2022

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) announced its November 2022 operating metrics for its online ride-hailing platform, reporting approximately 0.8 million completed orders, a decline from over 0.9 million in October due to COVID-19 restrictions in key cities like Chengdu and Guangzhou. The total number of active drivers fell by approximately 7.3% to 7,019. Since launching in October 2020, Senmiao's platform has completed nearly 20.4 million rides, with significant contributions from partners like Meituan, contributing over 5.1 million rides.

Positive

• Cumulative rides on the platform reached nearly 20.4 million since launch.
• Strong partnerships contributing to ride completions, including over 5.1 million from Meituan.

Negative

• Completed orders decreased from over 0.9 million to approximately 0.8 million in November.
• Active Drivers decreased by approximately 7.3% from October to November 2022.

CHENGDU, China, Dec. 14, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (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 operating metrics for its proprietary online ride-hailing platform for the month of November 2022. In November 2022, Senmiao and its affiliates reported approximately 0.8 million total completed orders, compared to over 0.9 million total orders completed in October 2022. The decrease was the result of operating restrictions placed on online ride-hailing services in Chengdu and Guangzhou, two of Senmiao's key cities, due to local resurgences in COVID-19 cases.

Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Meituan platform") utilizing Senmiao's network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from three other ride-hailing platforms in Chengdu (Xiehua, Anma and Xiaoma platforms), under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020, nearly 20.4 million rides have been completed using its own platform. Over 5.1 million rides have been completed on the Meituan platform under Senmiao's partnership with Meituan since August 2021. Over 1.2 million rides have been completed on Xiehua, Anma and Xiaoma platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in November 2022 was 7,019, down approximately 7.3% from 7,574 in October 2022.

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

		Completed Orders under Original Model[1] (in 000s)		Completed Orders under New Model[2]  (in 000s)		Total Completed Orders (in 000s)		Total Fares Paid by Riders (in 000s USD$)		Active Drivers
Oct 2020		161				161		531		1,800
Nov 2020		537				537		1,646		3,400
Dec 2020		620				620		1,862		5,000
Jan 2021		910				910		2,626		8,300
Feb 2021		710				710		2,164		7,000
Mar 2021		1,540				1,540		4,492		11,500
Apr 2021		1,790				1,790		5,332		16,500
May 2021		2,154				2,154		6,376		18,000
Jun 2021		2,068				2,068		6,193		18,500
Jul 2021		1,659				1,659		4,864		16,400
Aug 2021		530		432		962		3,001		6,073
Sep 2021		540		480		1,020		3,653		7,519
Oct 2021		531		505		1,036		3,780		7,010
Nov 2021		436		497		933		3,236		7,480
Dec 2021		492		571		1,063		3,788		7,845
Jan 2022		455		492		947		3,413		7,085
Feb 2022		344		371		715		2,651		6,008
Mar 2022		534		480		1,014		3,660		7,091
Apr 2022		502		369		871		3,009		6,095
May 2022		581		357		938		3,286		5,989
Jun 2022		602		319		921		3,290		5,862
Jul 2022		636		337		973		3,504		5,928
Aug 2022		617		400		1,017		3,583		6,778
Sep 2022		414		114		528		1,712		6,030
Oct 2022		600		306		906		2,794		7,574
Nov 2022		456		298		754		2,267		7,019
Cumulative		20,419		6,328		26,747		86,713		N/A
[1] Under the original model, orders go through Senmiao's own platform. A rider can search for taxi/ride-hailing services on a Senmiao partner's platform, which then provides the rider with options for online ride-sharing service providers, including Senmiao. If the rider selects Senmiao, the order will then be distributed to registered drivers on  Senmiao's own platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order.
[2] Under the new model, orders go through partners' platform but not Senmiao's. Online ride-hailing requests and orders will be completed on the partner's platform utilizing Senmiao and its affiliates' network of cars and drivers for a set monthly fee. Starting from April 2022, the number includes orders completed on the Xiehua, Anma and  Xiaoma platforms, in addition to those completed on the Meituan platform since August 2021.

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 purchases and financing, management, operating leases, guarantees 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
Carolyne Sohn, Vice President                                                        Lucy Ma, Associate
+1 408-538-4577                                                                             +86 10 5661 7012 
csohn@equityny.com                                                                       lma@equityny.com  

Alice Zhang, Investor Relations Analyst
+1 212-836-9610
azhang@equityny.com 

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SOURCE Senmiao Technology Limited

FAQ

What were the operating metrics for Senmiao Technology (AIHS) in November 2022?

Senmiao reported approximately 0.8 million total completed orders in November 2022, a decrease from over 0.9 million in October.

How many active drivers did Senmiao (AIHS) have in November 2022?

In November 2022, Senmiao had approximately 7,019 active drivers, a decline of about 7.3% from October.

What factors contributed to the decline in completed orders for Senmiao (AIHS)?

The decline in completed orders was primarily due to operating restrictions in Chengdu and Guangzhou related to COVID-19 resurgences.

What is the total number of rides completed on Senmiao's platform since launch?

Since its launch in October 2020, Senmiao's platform has completed nearly 20.4 million rides.