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Senmiao Technology Announces Over 620,000 Completed Rides on Its XXTX Ride-Hailing Platform in December 2020
CHENGDU, China, Jan. 5, 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, Jan. 5, 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, Xixingtianxia (known as XXTX), for the month of December 2020 which showed a significant increase in number of completed rides (or orders) and active ride-hailing drivers who completed rides on its platform (or Active Drivers). \nSenmiao announced the launch of XXTX in late October 2020 to ride-hailing drivers in Chengdu, China, one of Senmiao's core cities with a population of approximately 16 million. In December 2020, Senmiao expanded the availability of XXTX to Changsha, China, with a population of approximately 8 million. Since the October 2020, over 1.3 million rides have been completed using XXTX, including over 620,000 rides during December 2020 despite concerns over the re-occurrence of COVID-19 in Chengdu that arose over the past few weeks. The average monthly growth rate of the number of orders and the Active Drivers during the three months ending December 31, 2020 was approximately 96% and 66%, respectively, representing strong growth since the launch of XXTX.\nDuring November and December 2020, which were the first two full months of XXTX's operation since Senmiao acquired the platform, Senmiao also saw a significant increase in the numbers and gross amount of rides following its strategic cooperation with Gaode Map and Meituan, two well-known ride-hailing aggregation platforms in Chengdu. Senmiao also saw strong adoption of XXTX in Changsha since the launch in late December, although the platform is still in the early stage of development. The average price per ride varies greatly depending on distance and time of day. \nThe table below presents the approximate, unaudited operating metrics of XXTX for the quarter ended December 31, 2020. \nCompleted orders of XXTX\n(in thousands)\nGross amount of orders of XXTX\n($ in thousands USD)\nActive Drivers\nOctober 2020\n161\n531\n1,833\nNovember 2020\n537\n1,646\n3,409\nDecember 2020\n620\n1,862\n5,035\nCumulative\n1,318\n4,039\nN/A\nIn addition, as of December 31, 2020, approximately 19% of the XXTX Active Drivers also lease automobiles fro...