Business
Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for August 2021
CHENGDU, China, Sept. 15, 2021 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao" or the "Company") (Nasdaq: AIHS), a financing and servicing company
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, Sept. 15, 2021 /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 August 2021. In August 2021, Senmiao's platform reported 530,000 completed orders, compared to approximately 1.7 million in July 2021. The decrease was a result of a new contract entered by the Company and Shanghai Lutuan Technology, an affiliate of Meituan (HK: 3690), China's leading e-commerce platform for services, as announced in a press release on September 14, 2021. According to this new cooperation agreement, online ride-hailing requests and orders will be completed on Meituan's platform (\"the major platform\") utilizing Senmiao's network of cars and drivers for a set monthly fee.\nIn August 2021, Senmiao leased cars and provided related services to approximately 1,200 drivers in Chengdu who operated their online ride-hailing businesses through the major platform under the new partnership model. Senmiao also began its services with Gaode Maps in Guangzhou, reporting over 55,000 completed orders and nearly 48,000 newly registered drivers in the city for the month. \nSince the launch of Senmiao's online ride-hailing platform in Chengdu (October 2020), Changsha (December 2020), Neijiang (January 2021), Guangzhou (March 2021), and Nanchong and Panzhihua (June 2021), approximately 12.7 million rides have been completed using its platform. With the cooperation agreement between the Company and Meituan, the number of completed orders is no longer the most relevant metric of the Company's business performance. Senmiao will provide updates on the number of newly registered drivers each month in addition to previously provided metrics to offer additional insight into the business' progress.\nThe table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020. \nCompleted Orders (in thousands)\nTotal Fares Paid by Riders \n($ in thousands USD)\nNewly Registered Drivers\nActive Drivers\nOctober 2020\n161\n531\n1,800\nNovember 2020\n537\n1,646\n3,400\nDecember 2020\n620\n1,862\n5,000\nJanuary...