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

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has released its operating metrics for January 2022, reporting over 0.9 million completed orders, a 10.9% decline from 1.1 million in December 2021. This drop is attributed to pandemic-related travel restrictions and seasonality from the Lunar New Year holiday. The total completed rides since the platform's launch in October 2020 reached approximately 15.1 million. Active drivers decreased to 7,085, down by 10% from December 2021. These metrics suggest significant challenges in the current market environment for the company.

Positive

• Approximately 15.1 million rides have been completed since the platform's launch in October 2020.
• New partnership with Meituan began in August 2021, contributing approximately 3.0 million completed rides.

Negative

• January 2022 saw a 10.9% decrease in total completed orders compared to December 2021, falling to over 0.9 million.
• Active drivers decreased by approximately 10% from December 2021.

CHENGDU, China, Feb. 11, 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 January 2022. In January 2022, Senmiao reported over 0.9 million total completed orders, a 10.9% decrease from approximately 1.1 million total orders completed in December 2021, as a result of pandemic-related travel restrictions that impacted tourism in Senmiao's key cities such as Chengdu, Changsha and Guangzhou. Seasonality driven by the Lunar New Year holiday in China was also behind the decrease. The number of completed rides decreased in the weeks before and after the national holiday on February 1, 2022, which is expected to also impact the number of completed orders in February 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.

Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 15.1 million rides have been completed using its platform. Approximately 3.0 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 January 2022 was 7,085, a decrease of approximately 10% from that of December 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 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 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
Cumulative		15,133		2,977		18,110		56,957		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  

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao Technology's operating metrics for January 2022?

Senmiao reported over 0.9 million completed orders in January 2022, a 10.9% decrease from December 2021.

How many completed orders has Senmiao Technology achieved since its launch?

Since its launch in October 2020, Senmiao has completed approximately 15.1 million rides.

What is the impact of pandemic-related restrictions on Senmiao Technology's performance?

Pandemic-related travel restrictions impacted completed orders, leading to a decline in performance for January 2022.

What is the current number of active drivers for Senmiao Technology?

As of January 2022, Senmiao had 7,085 active drivers, a decrease of approximately 10% from December 2021.

How does the Lunar New Year affect Senmiao Technology's operations?

Seasonality from the Lunar New Year holiday contributed to the decrease in completed orders in January 2022.