Benzinga | Aug 12, 2021 09:04AM EDT

Senmiao Technology Reports ~1.7M Completed Rides During July

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 July 2021. From June 2021 to July 2021, the number of completed orders decreased approximately 19.8%, primarily due to a decrease in orders received through one of Senmiao's partnerships as well as a COVID-19 resurgence in Chengdu, which resulted in travel restrictions and lockdowns being implemented by the local government. The number of drivers completing rides via the platform (known as Active Drivers) in July 2021 decreased approximately 11% from June 2021.

Since the launch of Senmiao's online ride-hailing platform in Chengdu in October 2020, in Changsha in December 2020, in Neijiang in January 2021, in Guangzhou at the end of March 2021, and in Nanchong and Panzhihua in June 2021, over 12.1 million rides have been completed using the platform, including approximately 1.7 million rides completed during July 2021. The average monthly growth rate of the number of completed orders and Active Drivers during the seven months ended July 31, 2021, was approximately 22% and 23%, respectively.

The table below presents approximate unaudited operating metrics of Senmiao's online ride-hailing platform since its launch in October 2020.

Total Fares Paid by Completed Orders Riders Active Drivers (Approximate, in (Approximate) thousands) (Approximate, $ in thousands USD)

October 2020 161 531 1,800

November 2020 537 1,646 3,400

December 2020 620 1,862 5,000

January 2021 910 2,626 8,300

February 2021 710 2,164 7,000

March 2021 1,540 4,492 11,500

April 2021 1,790 5,332 16,500

May 2021 2,154 6,376 18,000

June 2021 2,068 6,193 18,500

July 2021 1,659 4,864 16,400

Cumulative 12,149 36,086 N/A

About Senmiao Technology Limited