Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for January 2023
CHENGDU, China, Feb. 9, 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 January 2023. In January 2023, Senmiao and its affiliates recorded approximately 0.6 million total completed orders, compared to approximately 0.7 million total orders completed in December 2022. The change was primarily the result of seasonality driven by the Lunar New Year holiday in China, which led to decreased demand for online ride-hailing services and fewer active drivers in late January 2023.
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, over 21.1 million rides have been completed using its own platform. Approximately 5.3 million rides have been completed on the Meituan platform under Senmiao’s partnership with Meituan since August 2021. Over 1.5 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 January 2023 was 4,830, down approximately 27.7% from 6,682 in December 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
Model1
(in 000s)
Completed
Orders under
New Model2
(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
Jan 2023
338
239
578
1,928
4,830
Cumulative
21,147
6,834
27,982
90,614
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: [email protected]
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group Inc.
Carolyne Sohn, Vice President
+1 408-538-4577
[email protected]
Alice Zhang, Associate
+1 212-836-9610
[email protected]
In China
Lucy Ma, Associate
+86 10 5661 7012
[email protected]
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