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Senmiao Technology Announces Signing of Framework Agreement with Internet of Vehicles Provider Luxingtong
Company to Provide Telematics Installation for Use in Ride-Sharing Vehicles Second Agreement Signed Over the Last Month as Company Strengthens Value
About this update from Senmiao Technology Limited
[{"type":"text","content":"Company to Provide Telematics Installation for Use in Ride-Sharing Vehicles\n Second Agreement Signed Over the Last Month as Company Strengthens Value Proposition in Core Cities\n\n\n CHENGDU, China, Nov. 2, 2020 /PRNewswire/ -- Senmiao Technology Limited (\"Senmiao\") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China, today announced the signing of a framework agreement with Chengdu Luxingtong Information Technology Co., Ltd. (\"Luxingtong\"), a China-based provider of intelligent vehicle networking services such as global satellite positioning, vehicle-related Internet of Things devices, and utilization of data to enhance driver and vehicle safety.\nUnder this agreement, Senmiao intends to utilize Luxingtong's platform of integrated vehicle services for ride-sharing vehicles in Senmiao's core markets of Chengdu and Changsha in China. Senmiao's primary objective is to provide an all-compassing platform for ride-sharing drivers, including automobile sales, integrated technology, network implementation, and financing options. \nUnder the agreement, Senmiao will install telematics and safety services systems on vehicles, which will include functions and services such as global positioning and vehicle collision detection. Luxingtong will monitor and manage collected data for Senmiao, leveraging its connected car network to generate more precise information and analysis on Senmiao's ride hailing drivers and allow for Senmiao to both monitor and optimize its fleet.\nIn October 2020, Senmiao signed an agreement with BYD Auto Sales., Ltd., a wholly owned subsidiary of BYD Company Limited (\"BYD\",(HK:1211)), one of the largest automobile manufacturers in China, for the sale of BYD manufactured electric vehicles (\"EVs\") and joint promotion of EV vehicles for utilization in China's ride-hailing market.\nXi Wen, Senmiao's Chairman and Chief Executive Officer stated, \"Our agreement with Luxingtong is an important step in providing a full-service solution to ride-hailing drivers that covers the entire spectrum of what a commercial driver would need. We expect to provide innovative technology and flexible financing options for drivers as our network begins to gain traction in Chengdu and Changsha. We believe that by partnering with provincial and national industry...