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

CHENGDU, China, Oct. 23, 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 September 2023. In September 2023, Senmiao and its affiliates recorded 0.61 million total completed orders, compared to 0.62 million total orders completed in August 2023. The decrease was primarily the result of a decreased number of completed orders from partner platforms under the new model,² which was partially offset by an increased number of completed orders by Senmiao's own platform through Gaode under the original model¹, as the Guangzhou compliance check to Gaode's platform has been completed.

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, more than 25.0 million rides have been completed using its own platform. Over 8.8 million rides have been completed on several platforms in partnership with Senmiao since August 2021. The number of drivers completing rides via all the platforms (known as Active Drivers) in September 2023 was 6,065, compared to 5,412 in August 2023.

The table below presents approximate unaudited operating metrics of Senmiao and its affiliates' online ride-hailing platform since the 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. 
 Carolyne Sohn, Vice President 
+1 408-538-4577
csohn@equityny.com                                                                    

In China
Lucy Ma, Associate
+86 10 5661 7012
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