CHENGDU, China, Oct. 20, 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 BYD Auto Sales Co., Ltd.,
a wholly owned subsidiary of BYD Company Limited ("BYD",(HK:1211)),
for the sale of BYD manufactured electric vehicles ("EVs") to
Senmiao and joint promotion of EV vehicles for utilization in
China's ride-sharing or
ride-hailing market.
Under the agreement, Senmiao has agreed to promote and give
priority to BYD's EVs for its leasing customers utilizing the
vehicles for the purposes of ride-sharing, while BYD will provide
favorable pricing, financial support, charging station priority,
marketing, and after-sales service. As part of the agreement,
Senmiao will provide an initial deposit and expects to purchase at
least 5,000 vehicles from 2020 to 2021 to support expected
ride-sharing growth.
Senmiao currently ranks first in the ride sharing market in
large Chinese cities Chengdu
(based in Sichuan Province with a
population over 16 million) and Changsha (based in Hunan province with a population over 8
million). Senmiao has focused on growing its leading position
in its core markets, and believes this agreement will help to
accelerate its growth given the high demand for EVs and energy
efficient automobiles.
In April 2020, China announced a Three-Year-Blue-Sky-Action
Plan to accelerate the adoption of EVs. In addition, following the
impact of the COVID-19 pandemic, China extended monetary incentives and
prolonged purchase-tax exemptions of new EVs through 2022.
BYD is one of the largest manufacturers of automobiles,
battery-powered bicycles, buses, trucks, forklifts, solar panels,
rechargeable batteries, and most notably mobile-phone
batteries.
Xi Wen, Senmiao's Chairman and
Chief Executive Officer stated, "We are delighted to enter into
this framework agreement with such a well-regarded company as BYD
as we continue to promote the use of EVs in public transportation.
We feel that the combination of our position in the ride-sharing
markets where we operate along with the demand for EVs in
China generally will be an
exceptional fit for our customers. Our goal is to provide a wide
range of financing and leasing options as we build out Senmiao's
network throughout China, and
agreements such as this are instrumental to achieving appropriate
scale."
Weiming Zhang, the vice general
manager of BYD Auto Sales Co., Ltd. noted, "We are pleased to
partner with Senmiao and look forward to supporting the expansion
of EV automobiles in the ride-sharing market."
The framework agreement sets out the general terms of the
parties intentions for their collaboration, with the goal reaching
a more definitive agreement as the collaboration matures.
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 aimed principally at the growing
ride-sharing 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 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.
Adam Prior, Senior Vice
President
(212) 836-9606
aprior@equityny.com
In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com
© 2020 Senmiao Technology Ltd. All rights reserved.
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SOURCE Senmiao Technology Limited