Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for December 2022
Senmiao Technology Limited (Nasdaq: AIHS) reported its operating metrics for December 2022, revealing a decline in completed ride-hailing orders. The company recorded approximately 0.7 million completed orders, down from 0.8 million in November 2022, primarily due to a COVID-19 outbreak in Chengdu. Active drivers decreased to 6,682, a 4.8% decline from the previous month. Since launching its platform in October 2020, Senmiao has completed nearly 20.8 million rides. Despite the challenges, the company continues to engage with various ride-hailing platforms, maintaining partnerships that have been in place since 2021.
- Senmiao has completed nearly 20.8 million rides since the launch of its platform in October 2020.
- The partnership with Meituan has resulted in over 5.2 million completed rides since August 2021.
- Completed orders decreased from 0.8 million in November 2022 to 0.7 million in December 2022 due to a COVID-19 outbreak.
- Active drivers fell from 7,019 in November 2022 to 6,682 in December 2022, marking a 4.8% drop.
CHENGDU, China, Jan. 19, 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 December 2022. In December 2022, Senmiao and its affiliates recorded approximately 0.7 million total completed orders, compared to approximately 0.8 million total orders completed in November 2022. The decrease was the result of a severe outbreak of COVID-19 cases in Senmiao's key city of Chengdu in mid-December, after the lifting of domestic restrictions as China stopped executing its zero-COVID policy.
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, nearly 20.8 million rides have been completed using its own platform. Over 5.2 million rides have been completed on the Meituan platform under Senmiao's partnership with Meituan since August 2021. Approximately 1.4 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 December 2022 was 6,682, down approximately
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 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 | 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 | |||||
Cumulative | 20,809 | 6,595 | 27,404 | 88,686 | 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. In China
Carolyne Sohn, Vice President Lucy Ma, Associate
+1 408-538-4577 +86 10 5661 7012
csohn@equityny.com lma@equityny.com
Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com
© 2023 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited
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