Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for December 2022

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CHENGDU, China, Jan. 19, 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 December 2022. In December 2022, Senmiao and its affiliates recorded approximately 0.7 million total completed orders, compared to approximately 0.8 million total orders completed in November 2022. The decrease was the result of a severe outbreak of COVID-19 cases in Senmiao's key city of Chengdu in mid-December, after the lifting of domestic restrictions as China stopped executing its zero-COVID policy.  

Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Meituan platform") utilizing Senmiao's network of cars and drivers for a set monthly fee. Numbers reported since April 2022 include the number of completed orders from several other ride-hailing platforms in Chengdu (Xiehua, Anma and other platforms), under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020, nearly 20.8 million rides have been completed using its own platform. Over 5.2 million rides have been completed on the Meituan platform under Senmiao's partnership with Meituan since August 2021. Approximately 1.4 million rides have been completed on Xiehua, Anma and other platforms since April 2022. The number of drivers completing rides via all the platforms (known as Active Drivers) in December 2022 was 6,682, down approximately 4.8% from 7,019 in November 2022.

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 2020


161




161


531


1,800

Nov 2020


537




537


1,646


3,400

Dec 2020


620




620


1,862


5,000

Jan 2021


910




910


2,626


8,300

Feb 2021


710




710


2,164


7,000

Mar 2021


1,540




1,540


4,492


11,500

Apr 2021


1,790




1,790


5,332


16,500

May 2021


2,154




2,154


6,376


18,000

Jun 2021


2,068




2,068


6,193


18,500

Jul 2021


1,659




1,659


4,864


16,400

Aug 2021


530


432


962


3,001


6,073

Sep 2021


540


480


1,020


3,653


7,519

Oct 2021


531


505


1,036


3,780


7,010

Nov 2021


436


497


933


3,236


7,480

Dec 2021


492


571


1,063


3,788


7,845

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

Cumulative


20,809


6,595


27,404


88,686


N/A

[1] Under the original model, orders come from partner platforms and 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. Starting from April 2022, the number includes orders completed on the Xiehua, Anma and other platforms, in addition to those completed on the Meituan platform since August 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 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 Related Stocks: NASDAQ:AIHS

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