CHENGDU, China, Nov. 22, 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 October 2023. In October 2023, Senmiao and its affiliates recorded 0.57 million total completed orders, compared to 0.61 million total orders completed in September 2023. The decrease was primarily a result of increased competition and the impact of a compliance check performed by Gaode, Senmiao's online ride-hailing platform partner under the original model1, in Chengdu, one of the main cities where Senmiao operates.
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, approximately 25.4 million rides have been completed using its own platform. Nearly 9.0 million rides have been completed on several platforms in partnership with Senmiao under the new model3. The number of drivers completing rides via all the platforms (known as Active Drivers) in October 2023 was 5,903, compared to 6,065 in September 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 Model1 (in 000s) |
Completed Orders under New Model2, 3 (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 |
June 2022 |
602 |
319 |
921 |
3,290 |
5,862 |
July 2022 |
636 |
337 |
973 |
3,504 |
5,928 |
Aug 2022 |
617 |
400 |
1,017 |
3,583 |
6,778 |
Sept 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 |
Sept 2023 |
405 |
201 |
606 |
1,892 |
6,065 |
Oct 2023 |
399 |
170 |
569 |
1,731 |
5,903 |
Cumulative |
25,419 |
8,978 |
34,397 |
110,865 |
N/A |
1Under 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.
2Under 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.
3.New model starts in 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.
