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

CHENGDU, China, May 15, 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 April 2023. In April 2023, Senmiao and its affiliates recorded approximately 0.9 million total completed orders, a 2.5% increase from over 0.8 million total orders completed in March 2023.

Numbers reported include the number of completed orders from several ride-hailing platforms in Chengdu (Meituan, Xiehua, Anma and other platforms), 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, over 22.7 million rides have been completed using its own platform. Over 7.6 million rides have been completed on Meituan, Xiehua, Anma and other platforms in partnership with Senmiao since August 2021. The number of drivers completing rides via all the platforms (known as Active Drivers) in April 2023 was 7,422, up approximately 4.7% from 7,092 in March 2023.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates' online ride-hailing platform since the launch in October 2020.

^[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.

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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SOURCE Senmiao Technology Limited