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.
Under 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.
Under 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.
In 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.
Xi 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 leaders in China such as Luxingtong and BYD.t we can build our market leading position in our core cities while positioning Senmiao for strategic expansion to new markets."
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.
Luxingtong is a high-tech enterprise specialized in automobile safety, information platform and data service. The company has more than 20 years of automobile service industry experience, focused on GPS location services, safety installations, automobile dealer platform information and data service. Luxingtong's services cover 31 provinces, cities and autonomous regions of China. It has established cooperative relations with more than 5,000 automobile dealers and 1,200 motorcycle dealers, serving nearly 1.2 million users, and has become a leading enterprise in the field of domestic automobile service. The company's website is http://www.klicen.com.
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 (including those relating to the framework agreement described herein and the potential benefits thereof)) are subject to significant 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.
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