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

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Senmiao Technology Limited (AIHS) announced operating metrics for its online ride-hailing platform in China. In October 2023, 0.57 million total completed orders were recorded, down from 0.61 million in September 2023. Since the platform's launch in October 2020, approximately 25.4 million rides have been completed using its own platform, with nearly 9.0 million rides completed on partner platforms. The number of active drivers in October 2023 was 5,903, compared to 6,065 in September 2023.

CHENGDU, China, Nov. 22, 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 October 2023. In October 2023, Senmiao and its affiliates recorded 0.57 million total completed orders, compared to 0.61 million total orders completed in September 2023. The decrease was primarily a result of increased competition and the impact of a compliance check performed by Gaode, Senmiao's online ride-hailing platform partner under the original model¹, in Chengdu, one of the main cities where Senmiao operates.

Numbers reported include the number of completed orders from several ride-hailing platform partners 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 25.4 million rides have been completed using its own platform. Nearly 9.0 million rides have been completed on several platforms in partnership with Senmiao under the new model³. The number of drivers completing rides via all the platforms (known as Active Drivers) in October 2023 was 5,903, compared to 6,065 in September 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 Model1 (in 000s)	Completed Orders under New Model2, 3   (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
June 2022	602	319	921	3,290	5,862
July 2022	636	337	973	3,504	5,928
Aug 2022	617	400	1,017	3,583	6,778
Sept 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
Aug 2023	384	233	617	1,962	5,412
Sept 2023	405	201	606	1,892	6,065
Oct 2023	399	170	569	1,731	5,903
Cumulative	25,419	8,978	34,397	110,865	N/A

¹Under 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.
²Under 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.
³.New model starts in 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, Associate
+1 212-836-9610
azhang@equityny.com 

© 2023 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

How many total completed orders did Senmiao Technology Limited record in October 2023?

Senmiao Technology Limited recorded 0.57 million total completed orders in October 2023.

How many total rides have been completed using Senmiao's own platform since its launch?

Approximately 25.4 million rides have been completed using Senmiao's own platform since its launch in October 2020.

What was the number of active drivers in October 2023 compared to September 2023?

The number of active drivers in October 2023 was 5,903, compared to 6,065 in September 2023.

What is the new model for Senmiao's online ride-hailing platform?

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.