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

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS), a company focusing on the online ride-hailing industry in China, reported operating metrics for August 2022, highlighting a total of over 1 million completed orders, marking a 4.5% increase from July 2022. Since its platform's launch in October 2020, around 18.9 million rides have been completed, with ongoing partnerships driving growth. The number of active drivers also rose to 6,778 in August 2022, up approximately 14.3% from the previous month, indicating positive trends in the company’s operational performance.

Positive

• 4.5% increase in total completed orders from July 2022 to over 1 million in August 2022.
• Total completed rides since the launch reached approximately 18.9 million.
• Active drivers increased to 6,778 in August 2022, up 14.3% from July.

Negative

• None.

CHENGDU, China, Sept. 7, 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 August 2022. In August 2022, Senmiao and its affiliates reported over 1.0 million total completed orders, a 4.5% increase from over 0.97 million total orders completed in July 2022.

Numbers reported since August 2021 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. Numbers reported since April 2022 include the number of completed orders from three other ride-hailing platforms in Chengdu, Xiehua, Anma and Xiaoma, under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 18.9 million rides have been completed using its platform. Over 4.8 million rides have been completed on the Major Platform under Senmiao's partnership with Meituan. Over 784,000 rides have been completed on Xiehua, Anma and Xiaoma since April 2022. The number of drivers completing rides via the platforms (known as Active Drivers) in August 2022 was 6,778, up approximately 14.3% from 5,928 in July 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 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
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
Cumulative		18,949		5,610		24,559		79,940		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 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 Major 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.   
Carolyne Sohn, Vice President  
+1 415-568-2255   
csohn@equityny.com                                                                        

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

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What are the operational metrics for Senmiao Technology Limited in August 2022?

In August 2022, Senmiao reported over 1 million completed orders and 6,778 active drivers.

How much did Senmiao's completed orders increase in August 2022?

Senmiao's completed orders increased by 4.5% from July 2022.

What is the total number of rides completed by Senmiao since its platform launch?

Approximately 18.9 million rides have been completed since the launch in October 2020.

What was the percentage increase in active drivers for Senmiao in August 2022?

Active drivers increased by approximately 14.3% from July 2022 to August 2022.