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

Rhea-AI Summary

Senmiao Technology (Nasdaq: AIHS), a ride-hailing service operator in China, reported January 2023 metrics showing approximately 0.6 million completed orders, a decline from 0.7 million in December 2022. This decrease was attributed to seasonal factors surrounding the Lunar New Year, resulting in fewer active drivers and reduced demand. Since the launch in October 2020, Senmiao's platform has completed over 21.1 million rides. In January, the number of active drivers dropped 27.7% to 4,830 from 6,682 in December. The total fares paid by riders in January amounted to approximately $1.93 million.

Positive

• Total completed orders since launch exceed 27.9 million.
• Over 21.1 million rides completed on Senmiao's platform since October 2020.

Negative

• January 2023 orders fell to approximately 0.6 million from 0.7 million in December 2022.
• Total active drivers dropped 27.7% to 4,830 from 6,682 in December.

CHENGDU, China, Feb. 9, 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 January 2023. In January 2023, Senmiao and its affiliates recorded approximately 0.6 million total completed orders, compared to approximately 0.7 million total orders completed in December 2022. The change was primarily the result of seasonality driven by the Lunar New Year holiday in China, which led to decreased demand for online ride-hailing services and fewer active drivers in late January 2023.

Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Meituan platform") utilizing Senmiao's network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from several other ride-hailing platforms in Chengdu (Xiehua, Anma and other platforms), under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020, over 21.1 million rides have been completed using its own platform. Approximately 5.3 million rides have been completed on the Meituan platform under Senmiao's partnership with Meituan since August 2021. Over 1.5 million rides have been completed on Xiehua, Anma and other platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in January 2023 was 4,830, down approximately 27.7% from 6,682 in December 2022.

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  (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		369		871		3,009		6,095
May 2022		581		357		938		3,286		5,989
Jun 2022		602		319		921		3,290		5,862
Jul 2022		636		337		973		3,504		5,928
Aug 2022		617		400		1,017		3,583		6,778
Sep 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		578		1,928		4,830
Cumulative		21,147		6,834		27,982		90,614		N/A

¹ Under the original model, orders come from partner platforms and 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.

² 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. Starting from April 2022, the number includes orders completed on the Xiehua, Anma and other platforms, in addition to those completed on the Meituan platform since 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. 
Carolyne Sohn, Vice President  
+1 408-538-4577 
csohn@equityny.com   

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com                                                                    

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

© 2023 Senmiao Technology Ltd. All rights reserved.

 

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SOURCE Senmiao Technology Limited

FAQ

What were Senmiao's completed ride-hailing orders in January 2023?

Senmiao Technology completed approximately 0.6 million ride-hailing orders in January 2023.

How many active drivers did Senmiao have in January 2023?

In January 2023, Senmiao had approximately 4,830 active drivers.

What caused the decrease in orders for Senmiao in January 2023?

The decrease in orders was primarily due to seasonal demand fluctuations related to the Lunar New Year holiday.

What has been Senmiao's total ride completion since its launch?

Since its launch in October 2020, Senmiao has completed over 21.1 million rides.

How much did riders pay in fares in January 2023 for Senmiao's services?

Total fares paid by riders in January 2023 amounted to approximately $1.93 million.