Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for October 2021

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported operating metrics for its online ride-hailing platform for October 2021, showing over 1.0 million completed orders, a 1.6% rise from September. Since its launch in October 2020, it has achieved approximately 13.8 million rides. However, active drivers decreased by about 7% from September, totaling over 7,000. The partnership with Meituan, initiated in August 2021, accounted for over 1.4 million completed rides. These metrics indicate growth but also highlight challenges in maintaining driver engagement.

Positive

• Completed orders rose to over 1.0 million in October 2021, a 1.6% increase from September.
• Since launch, the platform has completed approximately 13.8 million rides.

Negative

• Active drivers decreased by approximately 7% from September 2021, totaling over 7,000.

CHENGDU, China, Nov. 12, 2021 /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 October 2021. In October 2021, Senmiao reported over 1.0 million total completed orders, a 1.6% increase from September 2021. Numbers reported in August, September, and October include the number of completed orders from Meituan's ride-hailing platform ("the Major Platform") utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 13.8 million rides have been completed using its platform. Over 1.4 million rides have been completed on the Major Platform under Senmiao's new partnership with Meituan, which commenced in August 2021. The number of drivers completing rides via the platform (known as Active Drivers) in October 2021 was over 7,000, a decrease of approximately 7% from September 2021.

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

		Completed Orders under Old Model1 (in 000s)		Completed Orders under New Model2  (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
Cumulative		13,750		1,417		15,167		46,520		N/A

1 Under the old model, 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 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, online ride-hailing requests and orders will be completed on the partner's platform utilizing Senmiao's network of cars and drivers for a set monthly fee.

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 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.  
Carolyne Sohn, Vice President
+1 415-568-2255
csohn@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 are the operating metrics for Senmiao Technology Limited in October 2021?

Senmiao reported over 1.0 million completed orders in October 2021, up 1.6% from September.

How many rides has Senmiao completed since its launch?

Approximately 13.8 million rides have been completed on Senmiao's platform since its launch in October 2020.

What is the status of active drivers for Senmiao in October 2021?

Active drivers decreased by about 7% from September 2021, totaling over 7,000.

What role does Meituan play in Senmiao's operations?

The partnership with Meituan, initiated in August 2021, has led to over 1.4 million completed rides on Senmiao's platform.