Senmiao Technology Announces Signing of Strategic Cooperation Agreement with SAIC Affiliate, A Provider of New Energy Vehicle Rental & Leasing Services
On November 2, 2022, Senmiao Technology Limited (Nasdaq: AIHS) announced a strategic cooperation agreement with Global Sharing Chengdu, a subsidiary of Global Car Sharing and an affiliate of SAIC Motor. This partnership aims to enhance the NEV online ride-hailing business in Chengdu. The agreement covers vehicle rental, buy-to-lease options, and financing services, potentially delivering over 1,000 vehicles to Senmiao by the end of 2023. Senmiao’s CEO expressed optimism about increased market share and brand recognition in Chengdu through this collaboration.
- Strategic agreement with Global Sharing Chengdu may lead to delivery of over 1,000 vehicles by end of 2023.
- Collaboration supports Senmiao's growth in NEV online ride-hailing market, enhancing brand recognition.
- None.
CHENGDU, China, Nov. 2, 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 Sichuan Senmiao Zecheng Business Consulting Co., Ltd. has signed a strategic cooperation agreement with Global Sharing Chengdu Automobile Leasing Co., Ltd. ("Global Sharing Chengdu"), a wholly owned subsidiary of Global Car Sharing & Rental Co., Ltd. ("Global Car Sharing"). Global Car Sharing is an affiliate of SAIC Motor ("SAIC"), the largest auto company listed on China's A-share market (Stock Code: 600104).
Global Car Sharing specializes in the new energy vehicle ("NEV") car sharing and rental business. Headquartered in Shanghai, Global Car Sharing was founded in 2016 by SAIC.
Pursuant to the agreement, Senmiao and Global Sharing Chengdu will initiate a strategic cooperation that promotes an NEV online ride-hailing business, including but not limited to the rental and purchase of vehicles for online ride-hailing services. Global Sharing Chengdu will support Senmiao with ancillary financing services and regulatory consultation for Senmiao's online ride-hailing operations in Chengdu. Senmiao agrees to prioritize selection of vehicles as specified by Global Sharing Chengdu for its online ride-hailing services business.
The two parties are expected to initiate a cooperation in vehicle rental, buy-to-lease, and other financing and leasing options, under which more than 1,000 vehicles could be delivered to Senmiao by the end of 2023, if the cooperation proceeds smoothly and market conditions remain stable. These purchasing activities will be specified in detailed contracts in the future. In the event the delivery of the agreed upon number of vehicles is completed, Senmiao may receive additional benefits as Global Sharing Chengdu's business partner, which may include Global Sharing Chengdu becoming a premium source of vehicles, a more favorable rent deposit requirement and/or introduction of a credit line to the Company.
Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We are pleased to have signed this strategic cooperation agreement with Global Sharing Chengdu, a company that is backed by the reputation and resources of SAIC. Global Car Sharing shares our mission of promoting a national ride-sharing market, and we are delighted to become partners in our key city of Chengdu, exploring ways in which both businesses can expand their growth. We believe this cooperation represents an exciting opportunity for Senmiao to increase our market share and brand recognition in Chengdu, and we look forward to potential future opportunities this relationship may present down the road."
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.
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