Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for July 2023

Rhea-AI Summary

Senmiao Technology announced operating metrics for its online ride-hailing platform in July 2023. Total completed orders were 0.69 million, down from 0.74 million in June. The decrease was due to a compliance check that affected orders in Guangzhou. The company expects rides to normalize in late August. Since October 2020, 24.2 million rides have been completed on Senmiao's platform, and 8.4 million rides on partner platforms since August 2021. The number of active drivers in July 2023 was 5,815, down from 6,891 in June.

CHENGDU, China, Aug. 23, 2023 /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 July 2023. In July 2023, Senmiao and its affiliates recorded 0.69 million total completed orders, compared to 0.74 million total orders completed in June 2023. The decrease was primarily a result of a compliance check performed by Gaode, Senmiao's online ride-hailing platform partner under the original model,^[1] which caused a decrease in completed orders in Senmiao's major market of Guangzhou during the period. The Company expects the number of rides from Gaode to normalize in late August. 

Numbers reported include the number of completed orders from several ride-hailing platforms in Chengdu, 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 24.2 million rides have been completed using its own platform. Approximately 8.4 million rides have been completed on several platforms in partnership with Senmiao since August 2021. The number of drivers completing rides via all the platforms (known as Active Drivers) in July 2023 was 5,815, compared to 6,891 in June 2023.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates' online ride-hailing platform since the 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-Dec 2020		1,318				1,318		4,039		N/A
Jan-Dec 2021		13,360		2,485		15,845		49,505		N/A
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
Dec 2022		390		267		657		1,973		6,682
Jan 2023		338		239		577		1,928		4,830
Feb 2023		460		276		736		2,328		5,973
Mar 2023		522		313		835		2,614		7,092
Apr 2023		600		256		856		2,748		7,422
May 2023		538		229		767		2,449		7,470
June 2023		524		216		740		2,322		6,891
July 2023		440		250		690		2,205		5,815
Cumulative		24,231		8,374		32,605		105,280		N/A

^[1] Under the original model, orders coming from partner platforms are completed by Senmiao's own platform. A rider can search for taxi/ride-hailing services on Senmiao's partner platforms, which then provide 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 and then completed by Active Drivers. 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 partner platforms but do not utilize Senmiao's own platform. Online ride-hailing requests and orders will be completed on the partner platforms utilizing Senmiao and its affiliates' 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 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, Associate
+1 212-836-9610
azhang@equityny.com 

© 2023 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited