CHENGDU, China, Nov. 25, 2020 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry as well as an operator of its own online ride-hailing platform in China, today announced initial results from its strategic cooperation with Gaode Map ("Gaode") (AutoNavi Software, Co., Ltd), one of China's leading map applications, to integrate its mapping functionality with Senmiao's online ride-sharing platform, Xixingtianxia. Senmiao's platform is targeting drivers and riders in Chengdu, China, one of its core cities with a population of approximately 16 million.
Gaode is one of China's most popular map apps, and its operator AutoNavi Software Co., Ltd. is a Chinese web mapping, navigation and location-based services provider, founded in 2001 and acquired by Alibaba Group in 2014.
Xixingtianxia signed a strategic collaboration agreement with Gaode in April 2020 and drivers began utilizing Gaode's map in Chengdu since Senmiao's acquisition of Xixingtianxia in late October. Gaode's map application will also be utilized by drivers in newly purchased vehicles by Senmiao as part of its previously announced framework agreement with electric vehicle (EV) manufacturer BYD Company Limited.
Potential riders utilizing Gaode's map application can request transportation on the application. Under Senmiao's collaboration with Gaode, when a rider using Gaode searches for taxi/ride-hailing services on the platform, the platform provides such rider a number of online-ride sharing companies for selection, including Senmiao's platform, Xixingtianxia. If specifically selected by the rider, the order will then be distributed to registered drivers on Senmiao's platform for viewing and acceptance. Senmiao earns commissions for each completed order based on a certain percentage of the value of the order and settle its commissions with Gaode on a weekly basis.
Senmiao launched Xixingtianxia in specific markets within Chengdu in late October 2020, focused on current driver customers. Beginning in November, Senmiao has seen a significant increase in the daily ride-sharing orders on its platform. Xixingtianxia's daily rides have increased from 3,000 to approximately 17,000, and the platform currently has over 300,000 registered drivers.
Xi Wen, Senmiao's Chairman and Chief Executive Officer stated, "We have reported significant progress in recent weeks as part of our effort to provide a total transportation solution for ride-hailing drivers and riders in Chengdu. Since the launch of our ride-hailing platform and integration of services with Gaode Map, our number of daily rides has increased substantially. Our goal in the coming weeks is to continue layering functionality onto our platform while simultaneously helping drivers in all aspects of the ride-sharing ecosystem."
Senmiao intends to launch its Xixingtianxia platform in Changsha, China in the coming weeks.
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 its own ride-hailing platform 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 operation of Senmiao's ride-sharing platform and the collaboration with Gaode as described herein) 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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