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

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) reported operating metrics for its online ride-hailing platform for February 2022. The company recorded over 0.7 million completed orders, a decline from over 0.9 million in January, attributed to seasonal factors from the Lunar New Year and a resurgence of COVID-19. Active drivers fell to 6,008, down 15.2% from January. Since launching in October 2020, approximately 15.5 million rides have been completed on its platform, including 3.3 million under a partnership with Meituan since August 2021.

Positive

• None.

Negative

• Completed orders decreased by 22.2% from January 2022.
• Active drivers declined by 15.2% compared to January 2022.

CHENGDU, China, March 10, 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 February 2022. In February 2022, Senmiao reported over 0.7 million total completed orders, a sequential decrease from the over 0.9 million total orders completed in January 2022 as a result of seasonality driven by the Lunar New Year holiday in China and local resurgence of COVID-19 cases in Senmiao's key cities. The number of completed rides decreased in the first half of February 2022 due to the national holiday but rose back to pre-holiday levels in the third week of the month. 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 15.5 million rides have been completed using its platform. Approximately 3.3 million rides have been completed on the Major Platform under Senmiao's new partnership with Meituan, since its commencement in August 2021. The number of drivers completing rides via the platform (known as Active Drivers) in February 2022 was 6,008, a decrease of approximately 15.2% from 7,085 in January 2022.

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 Model1 (in 000s)		Completed Orders under New Model2  (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
Cumulative		15,477		3,348		18,825		59,608		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. 
Carolyne Sohn, Vice President 
+1 415-568-2255
csohn@equityny.com                                                                      

In China
Lucy Ma, Associate
 +86 10 5661 7012
lma@equityny.com  

© 2022 Senmiao Technology Ltd. All rights reserved.

 

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao Technology's ride-hailing metrics for February 2022?

In February 2022, Senmiao Technology completed over 0.7 million orders.

Why did Senmiao Technology's completed orders decrease in February 2022?

The decrease was attributed to seasonal factors related to the Lunar New Year and a resurgence of COVID-19.

How many active drivers did Senmiao Technology have in February 2022?

Senmiao Technology had 6,008 active drivers in February 2022.

What is the total number of rides completed on Senmiao's platform since its launch?

Since its launch in October 2020, approximately 15.5 million rides have been completed.

What is the significance of Senmiao's partnership with Meituan?

Under the partnership with Meituan, approximately 3.3 million rides have been completed since August 2021.