Senmiao Technology Announces Signing of Cooperation Agreement with Sichuan Province New Energy Vehicle Charging Services Provider

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) has signed a cooperation agreement with Sichuan Qingzhuang New Energy Ltd. to enhance online marketing and charging services for new energy vehicle drivers in Chengdu. The collaboration commenced in October 2022 and will continue until June 30, 2023. Senmiao will promote its services through Qingzhuang's app, offering drivers access to charging and earning commission based on usage. This partnership aims to expand charging options for drivers while increasing visibility for Senmiao's ride-hailing platform.

Positive

• Collaboration with Qingzhuang enhances charging options for drivers of new energy vehicles.
• Potential for increased customer awareness of Senmiao's ride-hailing platform.

Negative

• None.

CHENGDU, China, Oct. 27, 2022 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that its wholly owned subsidiary Chengdu Xixingtianxia Technology Co., Ltd. ("XXTX") has signed an agreement with Sichuan Qingzhuang New Energy Ltd. ("Qingzhuang"), a provider of new energy vehicle charging services and one-stop online marketing operation and management solutions for merchants in Sichuan Province.

Qingzhuang provides new energy vehicle charging services for drivers through its online application "Qingzhuang Charging" (the "Qingzhuang App") and offers marketing solutions for small- to mid-size brick-and-mortar merchants in Sichuan Province on the same application platform.

Pursuant to the agreement, Senmiao will initiate a marketing campaign on the Qingzhuang App, targeting new energy vehicle drivers in Chengdu. Senmiao's drivers that operate new energy vehicles in Chengdu may also register on the Qingzhuang App for charging services. Qingzhuang will pay Senmiao commission fees based on the actual charging amount accrued by Senmiao's drivers on a monthly basis. The partnership commenced in October 2022 for a term through June 30, 2023, subject to agreement renewal or early termination.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have established this cooperation with Qingzhuang in Chengdu, which will offer expanded charging options for our drivers that operate new energy vehicles while at the same time increasing public awareness of our online ride-hailing platform amongst Qingzhuang's many other merchant partners as well as charging customers throughout Sichuan Province. We look forward to developing this relationship in the months to come and are excited about its potential for the future."

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, 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

© 2022 Senmiao Technology Ltd. All rights reserved.

View original content:https://www.prnewswire.com/news-releases/senmiao-technology-announces-signing-of-cooperation-agreement-with-sichuan-province-new-energy-vehicle-charging-services-provider-301661197.html

SOURCE Senmiao Technology Limited

FAQ

What is Senmiao Technology's new partnership about?

Senmiao Technology has partnered with Sichuan Qingzhuang New Energy Ltd. to promote charging services for new energy vehicle drivers in Chengdu.

When did the cooperation agreement with Qingzhuang start?

The cooperation agreement commenced in October 2022.

How long will the partnership between Senmiao and Qingzhuang last?

The partnership is set to last until June 30, 2023, with options for renewal.

What benefits does this agreement provide for Senmiao's drivers?

Senmiao's drivers operating new energy vehicles can access charging services through Qingzhuang's app and earn commission based on their usage.

What is the main goal of the agreement between Senmiao and Qingzhuang?

The main goal is to expand charging options for drivers while raising awareness of Senmiao's ride-hailing platform among Qingzhuang's customers.