Senmiao Technology Continues its Cooperation with BYD in a Celebration of the Latest Delivery of Electric Vehicles for Ride-Hailing

News provided by

Mar 23, 2021, 09:00 ET

CHENGDU, China, March 23, 2021 /PRNewswire/ -- 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 that Senmiao today celebrated the recent delivery in Chengdu of 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.

Senmiao and BYD representatives gather to celebrate the two companies’ collaboration and the latest delivery of EVs for ride-hailing. Source: Senmiao Technology Limited

The latest EVs delivered by BYD to Senmiao in Chengdu. Source: Senmiao Technology Limited

Representatives of Senmiao and BYD met in Chengdu, China to jointly celebrate both the delivery of the vehicles as well as their collaboration in support of China's policy of low-carbon travel and green development. The ceremony took place at Senmiao's Chengdu headquarters.

During the ceremony, Weiming Zhang, the Deputy General Manager of BYD Automobile Corporate-Sales Co., Ltd., stated, "BYD's ongoing growth and development depends on the trust and support of each of our partners, and we are grateful for Senmiao's trust in the BYD brand. We look forward to continuing to work together in providing excellent green, safe service for ride-hailing that will improve the quality of travel in Chengdu."

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "Over the past several months, we have been able to accelerate the growth of completed rides on our proprietary ride-hailing platform, which we believe is largely due to Senmiao's having strong partners such as BYD. The demand for EVs has continued to expand throughout China as our nation encourages the implementation of green transportation. Both of our companies agree that ride-hailing is a natural extension of this development, and we look forward to furthering our relationship in 2021 and beyond."

The delivery was in conjunction with 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. To date, Senmiao has ordered an aggregate of 1,200 of the anticipated 5,000 vehicles expected to be ordered during calendar years 2020-2021.

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 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 relationship with BYD and the future of the ride hailing and EV sectors in China 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.

For more information, please contact:
At the Company:
Yiye Zhou
Email: [email protected]
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
[email protected]                                                                      [email protected]

SOURCE Senmiao Technology Limited