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

CHENGDU, China, Oct. 12, 2022 /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 September 2022. In September 2022, Senmiao and its affiliates reported over 0.5 million total completed orders, which compared to over 1.0 million total orders completed in August 2022. The decrease was the result of online ride-hailing services being suspended in Chengdu, one of Senmiao's key cities, for the first 18 days of September due to a local resurgence of COVID-19 cases.

Numbers reported since August 2021 include the number of completed orders from Meituan's ride-hailing platform ("the Major 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 three other ride-hailing platforms in Chengdu, Xiehua, Anma and Xiaoma, under the same cooperation model as Meituan.

Since the launch of Senmiao's online ride-hailing platform in October 2020, approximately 19.4 million rides have been completed using its platform. Approximately 4.9 million rides have been completed on the Major Platform under Senmiao's partnership with Meituan. Over 843,000 rides have been completed on Xiehua, Anma and Xiaoma since April 2022. The number of drivers completing rides via the platforms (known as Active Drivers) in September 2022 was 6,030, down approximately 11.0% from 6,778 in August 2022.

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

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

+1 415-568-2255                                                                             +86 10 5661 7012

csohn@equityny.com                                                                       lma@equityny.com  

© 2022 Senmiao Technology Ltd. All rights reserved.

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SOURCE Senmiao Technology Limited