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Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for August 2023

AIHS

CHENGDU, China, Sept. 14, 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 August 2023. In August 2023, Senmiao and its affiliates recorded 0.62 million total completed orders, compared to 0.69 million total orders completed in July 2023. The decrease was primarily a result of the ongoing impact of a compliance check performed by Gaode, Senmiao's online ride-hailing platform partner under the original model,1 which caused a decrease in completed orders in Senmiao's major market of Guangzhou in July and August.

Numbers reported include the number of completed orders from several ride-hailing platform partners in Chengdu, utilizing Senmiao's network of cars and drivers for a set monthly fee.

Since the launch of Senmiao's online ride-hailing platform in October 2020, more than 24.6 million rides have been completed using its own platform. Over 8.6 million rides have been completed on several platforms in partnership with Senmiao since August 2021. The number of drivers completing rides via all the platforms (known as Active Drivers) in August 2023 was 5,412, compared to 5,815 in July 2023.

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-Dec 2020



1,318







1,318



4,039



N/A

Jan-Dec 2021



13,360



2,485



15,845



49,505



N/A

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

Jan 2023



338



239



577



1,928



4,830

Feb 2023



460



276



736



2,328



5,973

Mar 2023



522



313



835



2,614



7,092

Apr 2023



600



256



856



2,748



7,422

May 2023



538



229



767



2,449



7,470

June 2023



524



216



740



2,322



6,891

July 2023



440



250



690



2,205



5,815

Aug 2023



384



233



617



1,962



5,412

Cumulative



24,615



8,607



33,222



107,242



N/A

[1] Under the original model, orders coming from partner platforms 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.

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