Senmiao Technology Announces Signing of New Agreement with BYD Affiliate for Leasing of Electric Vehicles

Rhea-AI Summary

Senmiao Technology Limited (Nasdaq: AIHS) announced a new lease agreement with Guangzhou Wanjun Automobile Leasing Ltd., an affiliate of BYD, for an additional 100 electric vehicles (EVs) to enhance its online ride-hailing service in Guangzhou. This follows an initial lease of 98 EVs in 2021, bringing Senmiao’s total in the region to 248 EVs as of July 31, 2022. The agreement includes a fixed monthly leasing fee and maintenance services, reinforcing Senmiao's commitment to expanding its operations in the growing ride-hailing market of Guangzhou.

Positive

• Signed lease for 100 additional BYD EVs, enhancing ride-hailing capacity.
• Total of 248 EVs now operational in Guangzhou, signaling growth.

Negative

• None.

CHENGDU, China, Aug. 25, 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 Corenel Technology Ltd. ("Corenel") has signed an agreement with Guangzhou Wanjun Automobile Leasing Ltd. ("Wanjun"), an affiliate of BYD Company Limited ("BYD"(HK:1211 and SZSE: 002594)), to lease another 100 BYD electric vehicles ("EVs") from Wanjun for Senmiao's online ride-hailing business in Guangzhou. Senmiao leased an initial 98 EVs from Wanjun in 2021. As of July 31, 2022, Senmiao has 248 EVs as part of its operations in Guangzhou, including the 198 leased from Wanjun.

In accordance with the leasing agreements, Senmiao has leased a total of 198 BYD EVs from Wanjun with a set monthly leasing fee and a one-time deposit fee per vehicle to operate as part of Senmiao's online ride-hailing business in Guangzhou. Senmiao will sub-lease the EVs delivered under these agreements to its online ride-hailing drivers in Guangzhou, and Wanjun will provide insurance coverage and necessary vehicle maintenance services based on prior consent during the leasing term.

BYD is one of the largest manufacturers of automobiles, battery-powered bicycles, buses, trucks, forklifts, solar panels, rechargeable batteries, and mobile-phone batteries in China.

Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "Since we announced our initial cooperation with BYD in 2020, we are pleased to have developed a strong partnership with BYD, strengthened by ongoing business relations in EV leasing and purchasing with Wanjun. As we continue to focus on building synergies between our online ride-hailing business and automobile leasing business, we believe these agreements provide us with the necessary additional capacity to support the ongoing development of our operations in Guangzhou, a mature market Senmiao has operated in since March 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, 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 is the latest agreement signed by AIHS?

Senmiao Technology signed a lease agreement for 100 additional BYD electric vehicles.

How many electric vehicles does Senmiao currently operate in Guangzhou?

As of July 31, 2022, Senmiao operates a total of 248 electric vehicles in Guangzhou.

What is the significance of BYD in AIHS's operations?

BYD is a major manufacturer providing Senmiao with electric vehicles for its ride-hailing service.

When did Senmiao start its operations in Guangzhou?

Senmiao has been operating in Guangzhou since March 2021.

What type of services does Senmiao offer with the new electric vehicles?

Senmiao will sub-lease the electric vehicles to ride-hailing drivers, including maintenance support.