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

Author: Senmiao Technology Limited / 2023-07-24 02:03 / Source: Senmiao Technology Limited

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

CHENGDU,China,June 13,2023 -- 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 May 2023. In May 2023,Senmiao and its affiliates recorded approximately 0.8 million total completed orders,compared to approximately 0.9 million total orders completed in April 2023. The decrease was due to increased competition in the Chengdu market as a result of new ride-hailing platforms launching and offering promotions during the month.

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,approximately 23.4million rides have been completed using its own platform. Over 7.9 million rides have been completed on Meituan,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 May 2023 was 7,470,compared to 7,422 in April 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(in 000s)

Total Completed Orders

(in 000s)

Total Fares Paid by Riders

(in 000s USD$)

Active Drivers

Oct-Dec 2020

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

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

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

Cumulative

23,908

31,175

100,753

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.

AboutSenmiao 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.

Carolyne Sohn,Vice President

+1 408-538-4577

csohn@equityny.com

Alice Zhang,Associate

+1 212-836-9610