CHENGDU, China, Feb. 25, 2021 /PRNewswire/ -- Senmiao Technology
Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile
transaction and related services targeting the online ride-hailing
industry in China as well as an
operator of its own online ride-hailing platform, today announced
that it has ordered another 200 electric vehicles ("EVs")
manufactured by BYD Company Limited ("BYD", HK: 1211 and SZSE:
002594) from an authorized dealer of BYD Auto Sales Co., Ltd.,
which is a wholly-owned subsidiary of BYD. The first batch of 100
automobiles from this order is expected to be delivered to the
Chengdu office of Senmiao during
the first week of March 2021.
Senmiao expects to provide finance and leasing options for these
EVs to ride-hailing drivers in one of its two principal markets,
Chengdu, while exploring the
opportunities to expand to new markets in other cities. Since
launching its proprietary ride-hailing platform in the fourth
quarter of 2020, Senmiao has seen large demand for EVs in financial
leasing and operating leasing segments of the online ride-hailing
industry in China. Senmiao also
expects to implement services and technology in these vehicles in
preparation for independent drivers to use them for ride-hailing
activities, including advanced telematics and mapping software.
The order was made pursuant to the previously announced
framework agreement with BYD Auto Sales Co., Ltd. for the purchase
of BYD manufactured EVs and joint promotion of the use of EVs in
China's ride-hailing market. With
this third order, Senmiao has ordered an aggregate of 1,200 of the
5,000 vehicles expected to be ordered in 2020-2021. Senmiao intends
to finance the purchase of these 200 vehicles with cash on
hand.
Xi Wen, Senmiao's Chairman and
Chief Executive Officer, stated, "We are pleased to place this
third order of 200 EVs from our partner BYD for our growing online
ride-hailing business in Chengdu.
We anticipate receiving 100 vehicles from BYD in Chengdu next week and look forward to meeting
demand in the market from drivers utilizing our financing options.
Our mission is to make these vehicles accessible to independent
drivers, allowing them to easily transition into ride-hailing
drivers as a profession. We have witnessed very positive growth and
development of our own online ride-hailing platform in the past
three months and reported strong January
2021 operating metrics with more than 910,000 rides
completed. We expect this trend to continue within our existing
markets as we explore the possibility of entering new cities."
About 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 principally at the growing online
ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao,
please visit: http://www.senmiaotech.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements (including those relating to
Senmiao's purchase of EVs under the framework agreement with BYD
and the potential expansion of operations to other cities in
China) also are subject to risks,
uncertainties and assumptions, including those detailed from time
to time in the Senmiao's filings with the SEC, and represent
Senmiao's views only as of the date they are made and should not be
relied upon as representing Senmiao's views as of any subsequent
date. Senmiao undertakes no obligation to publicly revise any
forward-looking statements to reflect changes in events or
circumstances.
For more information, please contact:
At the Company:
Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group
Inc.
In China
Adam Prior, Senior Vice
President
Lucy Ma, Associate
(212)
836-9606
+86 10 5661 7012
aprior@equityny.com
lma@equityny.com
© 2021 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited