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Senmiao Technology Announces Ride-Hailing Platform Operating Metrics for October 2023
CHENGDU, China, Nov. 22, 2023 /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, Nov. 22, 2023 /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 October 2023. In October 2023, Senmiao and its affiliates recorded 0.57 million total completed orders, compared to 0.61 million total orders completed in September 2023. The decrease was primarily a result of increased competition and the impact of a compliance check performed by Gaode, Senmiao's online ride-hailing platform partner under the original model1, in Chengdu, one of the main cities where Senmiao operates.\n\nNumbers reported include the number of completed orders from several ride-hailing platform partners in Chengdu, utilizing Senmiao's network of cars and drivers for a set monthly fee.\nSince the launch of Senmiao's online ride-hailing platform in October 2020, approximately 25.4 million rides have been completed using its own platform. Nearly 9.0 million rides have been completed on several platforms in partnership with Senmiao under the new model3. The number of drivers completing rides via all the platforms (known as Active Drivers) in October 2023 was 5,903, compared to 6,065 in September 2023.\nThe table below presents approximate unaudited operating metrics of Senmiao and its affiliates' online ride-hailing platform since the launch in October 2020.\nCompleted Orders under Original Model1\n(in 000s)\nCompleted Orders under New Model2, 3 \n (in 000s)\nTotal Completed Orders\n(in 000s)\nTotal Fares Paid by Riders\n(in 000s USD$)\nActive Drivers\nOct-Dec 2020\n1,318\n1,318\n4,039\nN/A\nJan-Dec 2021\n13,360\n2,485\n15,845\n49,505\nN/A\nJan 2022\n455\n492\n947\n3,413\n7,085\nFeb 2022\n344\n371\n715\n2,651\n6,008\nMar 2022\n534\n480\n1,014\n3,660\n7,091\nApr 2022\n502\n369\n871\n3,009\n6,095\nMay 2022\n581\n357\n938\n3,286\n5,989\nJune 2022\n602\n319\n921\n3,290\n5,862\nJuly 2022\n636\n337\n973\n3,504\n5,928\nAug 2022\n617\n400\n1,017\n3,583\n6,778\nSept 2022\n414\n114\n528\n1,712\n6,030\nOct 2022\n600\n306\n906\n2,794\n7,574\nNov 2022\n456\n298\n754\n2,267\n7,019\nDec 2022\n390\n267\n657\n1,973\n6,682\nJan 2023\n338\n239\n577\n1,928\n4,830\nFe...