Business
Senmiao Technology Announces Over 1.5 Million Completed Rides on its Ride-Hailing Platform in March 2021
CHENGDU, China, April 7, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, April 7, 2021 /PRNewswire/ -- Senmiao Technology Limited (\"Senmiao\") (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 operating metrics for its proprietary online ride-hailing platform for the month of March 2021. The growth rate of the number of completed orders and drivers completing rides and earning income via the platform (known as Active Drivers) from February 2021 to March 2021 was approximately 117% and 64%, respectively. \nSince its launch in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, and in Guangzhou in March 2021, over 4.4 million rides have been completed using Senmiao's online ride-hailing platform, including over 1.5 million rides during March 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the three months ended March 31, 2021, was approximately 47% and 38%, respectively.\nThe table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020. \nCompleted Orders (Approximate, in thousands)\nTotal Fares Paid by Riders \n(Approximate, $ in thousands USD)\nActive Drivers(Approximate)\nOctober 2020\n161\n531\n1,800\nNovember 2020\n537\n1,646\n3,400\nDecember 2020\n620\n1,862\n5,000\nJanuary 2021\n910\n2,626\n8,300\nFebruary 2021\n710\n2,164\n7,000\nMarch 2021\n1,540\n4,492\n11,500\nCumulative\n4,478\n13,321\nN/A\nIn addition, at the end of March 2021, approximately 15% of Active Drivers also lease automobiles from Senmiao, which demonstrates early results from Senmiao's strategy to cross sell its core ride-hailing focused automobile finance and leasing business with the newer ride-hailing business. \nAbout Senmiao Technology Limited \nHeadquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://w...