Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for November 2021
Senmiao Technology Limited (Nasdaq: AIHS) reported operating metrics for its ride-hailing platform in November 2021. Total completed orders fell to over 0.9 million, down from over 1.0 million in October, attributed to COVID-19 related travel restrictions in Chengdu. The company noted a cumulative total of approximately 14.2 million rides since launch and an increase in Active Drivers to 7,480, up about 7% from October. Additionally, 1.9 million rides were completed through a partnership with Meituan.
- Increase in Active Drivers by approximately 7% to 7,480 in November 2021.
- Cumulative total of approximately 14.2 million rides completed since launch.
- Total completed orders decreased to over 0.9 million from over 1.0 million due to COVID-19 restrictions.
CHENGDU, China, Dec. 6, 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 November 2021. In November 2021, Senmiao reported over 0.9 million total completed orders, a decrease from over 1.0 million total orders completed in October 2021, due to a resurgence of COVID-19 cases in Chengdu in November, which led to travel restrictions and lockdowns being implemented. 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.
Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 14.2 million rides have been completed using its platform. Over 1.9 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 November 2021 was 7,480, an increase of approximately
The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.
Completed (in 000s) | Completed | Total (in 000s) | Total Fares Paid (in 000s USD$) | Active | ||||||
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 | |||||
Cumulative | 14,186 | 1,914 | 16,100 | 49,756 | 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 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
+1 415-568-2255 +86 10 5661 7012
csohn@equityny.com lma@equityny.com
© 2021 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited
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