Business
Senmiao Technology Announces Over 710,000 Completed Rides on its Ride-Hailing Platform in February 2021
CHENGDU, China, March 8, 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, March 8, 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 February 2021, which showed a sequential decrease in number of completed rides (known as orders) and active ride-hailing drivers who completed rides and earned income via the platform (known as Active Drivers) from January as a result of seasonality driven by the Lunar New Year holiday in China. The number of completed rides decreased in the two weeks of mid-February 2021 due to the national holiday but rose back to pre-holiday levels in the last week of the month. \nSince its launch in Chengdu in October 2020, in Changsha in December 2020 and in Neijiang in January 2021, over 2.9 million rides have been completed using Senmiao's online ride-hailing platform, including over 710,000 rides during February 2021. The growth rate of the number of completed orders and Active Drivers from December 2020 to February 2021 was approximately 15% and 16%, 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\nCumulative\n2,938\n8,829\nN/A\nIn addition, at the end of February 2021, approximately 32% 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 Headquartered 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...