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

Published : Thursday, September 14, 2023, 9:00 pm
ACROFAN=PRNasia | hkcs@prnasia.com | SNS

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: https://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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