Senmiao Technology announces order of 500 electric vehicles under framework agreement with BYD

Senmiao Technology Limited, a provider of automobile transaction and related services targeting the online ride-hailing industry in China, announced that it has ordered 500 electric vehicles (“EVs”) manufactured by BYD Company Limited from Chengdu Zhishengmingyang Automobile Trading Co., Ltd., an authorized dealer of BYD Auto Sales Co., Ltd., which is a wholly-owned subsidiary of BYD.

Senmiao expects to provide finance and leasing options of these EVs to ride-sharing drivers in Senmiao’s two principal markets, Chengdu and Changsha. The first 20 cars are expected to be available for purchase or leasing in the Changsha market in November 2020.

The order was made pursuant to 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. Senmiao also expects to implement services and technology in these vehicles pursuant to its framework agreement with Chengdu Luxingtong Information Technology Co., Ltd., a China-based provider of intelligent vehicle networking services.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “We are taking advantage of our agreement with BYD to purchase vehicles at favorable prices and expect to offer financing and service options for ride-sharing drivers in one of our largest core markets. Our goal is to ultimately provide a total solution for potential customers as demand for ride-hailing services continues to rebound throughout China after the COVID-19 pandemic has been contained. In the coming weeks, we expect to deploy these purchased vehicles into existing and new markets and begin to recognize the economic benefit in the current fourth quarter of 2020.”