Senmiao Technology Announces Signing of Framework Agreement with BYD's Biggest Dealer in China for Leasing of 6,000 Automobiles

CHENGDU, China, July 30, 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 the signing of a framework agreement with Baijuyi (Qingdao) New Energy Car Limited ("Baijuyi"), whereby Senmiao expects to lease 6,000 automobiles for its ride-hailing business. As of the end of July 2021, 150 automobiles have been delivered to Senmiao in Chengdu and Guangzhou pursuant to the framework agreement.

Baijuyi is a subsidiary of Beijing Beifang Huapeng Trading Ltd. ("Huapeng"), which boasts 17 years of automobile sales experience and has served as the biggest dealer of BYD Company Limited ("BYD", HK: 1211 and SZSE: 002594) for years in China. Baijuyi is also collaborating with the State Grid Corporation of China ("State Grid") and is currently building a new ride-hailing ecosystem that combines the power charge services provided by State Grid, the electric vehicles ("EVs") from Baijuyi for online ride-hailing services, and the services provided by BYD dealers.  

Senmiao also gives priority to vehicles provided by Baijuyi when selecting vehicles for Senmiao's automobile leasing service and other business development, and Baijuyi will provide Senmiao with support and assistance throughout Senmiao's operation and expansion in China in after-sales services such as providing online ride-hailing vehicles, vehicle maintenance, and in advocating vehicle leasing policies.

Xi Wen, Senmiao's Chairman and Chief Executive Officer, stated, "We are pleased to expand upon our existing cooperation with BYD and Huapeng with the signing of this framework agreement. We have been leasing EVs from one of Baijiuyi's subsidiaries in Chengdu since April 2021, which has provided us with the necessary capacity to support the development of our online ride-hailing platform and leasing business. Our mission is to make these vehicles accessible to individual drivers, allowing them to easily transition into a profession in the ride-hailing industry. We have witnessed very positive growth and development of our online ride-hailing platform since launch with successful completion of nearly 2.1 million rides in June 2021. We are confident that this cooperation with Baijuyi will bring considerable resources to support the exploration and expansion of our business into new cities. We remain focused on executing our strategic growth initiatives while remaining in compliance with all government regulations as it relates to our business."

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. The Company routinely provides important information on its website.

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 lease of automobiles under the framework agreement with Baijuyi 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. 

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SOURCE Senmiao Technology Limited