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

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported its operating metrics for April 2022, highlighting a decrease in completed ride-hailing orders to approximately 0.9 million from over 1.0 million in March 2022. This decline was attributed to a resurgence of COVID-19 cases leading to travel restrictions in Chengdu. Despite this, the company has partnered with two new online platforms, Xiehua and Anma, which collectively completed about 75,500 rides. As of April, the number of active drivers decreased to 6,095, down 14% from March.

Positive

• Partnership with two new platforms (Xiehua and Anma) completed about 75,500 rides.
• Cumulative total of approximately 16.5 million rides completed since platform launch.

Negative

• Completed ride-hailing orders dropped from over 1.0 million in March to approximately 0.9 million in April 2022.
• Active drivers decreased to 6,095, a decline of approximately 14% from March.

CHENGDU, China, May 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 April 2022. In April 2022, Senmiao and its affiliates reported approximately 0.9 million total completed orders, a decrease from over 1.0 million total orders completed in March 2022 due to a resurgence of COVID-19 cases in Chengdu in April, which led to the implementation of travel restrictions and lockdowns. 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 16.5 million rides have been completed using its platform. Approximately 4.1 million rides have been completed on the Major Platform under Senmiao's partnership with Meituan. Additionally, Senmiao and its affiliates have begun partnering with two new online platforms in Chengdu, which are Xiehua and Anma, under which approximately 75,500 rides were completed. The number of drivers completing rides via the platforms (known as Active Drivers) in April 2022 was 6,095, down approximately 14.0% from 7,091 in March 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 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
Feb 2022		344		371		715		2,651		6,008
Mar 2022		534		480		1,014		3,660		7,091
Apr 2022		502		294		871		3,009		6,095
Cumulative		16,513		4,122		20,710		66,277		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 affiliate'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 the operating metrics for Senmiao Technology (AIHS) in April 2022?

In April 2022, Senmiao Technology reported approximately 0.9 million completed ride-hailing orders, a decrease from over 1.0 million in March.

Why did the completed orders for Senmiao Technology decrease in April 2022?

The decrease in completed orders was due to a resurgence of COVID-19 cases in Chengdu, leading to travel restrictions.

How many active drivers were reported by Senmiao Technology in April 2022?

Senmiao Technology reported 6,095 active drivers in April 2022, down approximately 14% from 7,091 in March.

What partnerships did Senmiao Technology announce in April 2022?

Senmiao Technology announced partnerships with two new online platforms, Xiehua and Anma, which completed about 75,500 rides.