Senmiao Technology Announces Third Order of 200 Electric Vehicles Under Framework Agreement with BYD
Senmiao Technology Limited (NASDAQ: AIHS) has ordered an additional 200 electric vehicles (EVs) from BYD Company Limited, following a framework agreement to enhance its ride-hailing operations in Chengdu, China. The initial 100 vehicles are set for delivery next week. This order marks a total of 1,200 EVs ordered from BYD with plans for 5,000 in 2020-2021. Senmiao aims to provide financial and leasing options for drivers, addressing growing demand in the EV market for ride-hailing services. The company has reported over 910,000 completed rides since launching its platform in late 2020.
- Senmiao ordered an additional 200 EVs from BYD, totaling 1,200 ordered under a framework agreement.
- Senmiao's ride-hailing platform has completed over 910,000 rides since its launch.
- The delivery of the first batch of 100 EVs is expected within a week, signaling rapid expansion.
- None.
CHENGDU, China, Feb. 25, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced that it has ordered another 200 electric vehicles ("EVs") manufactured by BYD Company Limited ("BYD", HK: 1211 and SZSE: 002594) from an authorized dealer of BYD Auto Sales Co., Ltd., which is a wholly-owned subsidiary of BYD. The first batch of 100 automobiles from this order is expected to be delivered to the Chengdu office of Senmiao during the first week of March 2021.
Senmiao expects to provide finance and leasing options for these EVs to ride-hailing drivers in one of its two principal markets, Chengdu, while exploring the opportunities to expand to new markets in other cities. Since launching its proprietary ride-hailing platform in the fourth quarter of 2020, Senmiao has seen large demand for EVs in financial leasing and operating leasing segments of the online ride-hailing industry in China. Senmiao also expects to implement services and technology in these vehicles in preparation for independent drivers to use them for ride-hailing activities, including advanced telematics and mapping software.
The order was made pursuant to the previously announced framework agreement with BYD Auto Sales Co., Ltd. for the purchase of BYD manufactured EVs and joint promotion of the use of EVs in China's ride-hailing market. With this third order, Senmiao has ordered an aggregate of 1,200 of the 5,000 vehicles expected to be ordered in 2020-2021. Senmiao intends to finance the purchase of these 200 vehicles with cash on hand.
Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to place this third order of 200 EVs from our partner BYD for our growing online ride-hailing business in Chengdu. We anticipate receiving 100 vehicles from BYD in Chengdu next week and look forward to meeting demand in the market from drivers utilizing our financing options. Our mission is to make these vehicles accessible to independent drivers, allowing them to easily transition into ride-hailing drivers as a profession. We have witnessed very positive growth and development of our own online ride-hailing platform in the past three months and reported strong January 2021 operating metrics with more than 910,000 rides completed. We expect this trend to continue within our existing markets as we explore the possibility of entering new cities."
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 purchase and financing, management, operating lease, guarantee 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.
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 Senmiao's purchase of EVs under the framework agreement with BYD and the potential expansion of operations to other cities in China) also are subject to 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
Adam Prior, Senior Vice President Lucy Ma, Associate
(212) 836-9606 +86 10 5661 7012
aprior@equityny.com lma@equityny.com
© 2021 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited
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