Senmiao Technology announces signing of new agreement with BYD affiliate for leasing of electric vehicles

Senmiao Technology Limited, a financing and servicing company focusing on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, announced that its wholly-owned subsidiary Chengdu Corenel Technology Ltd. has signed an agreement with Guangzhou Wanjun Automobile Leasing Ltd., an affiliate of BYD Company Limited, to lease another 100 BYD electric vehicles from Wanjun for Senmiao’s online ride-hailing business in Guangzhou. Senmiao leased an initial 98 EVs from Wanjun in 2021. As of July 31, 2022, Senmiao has 248 EVs as part of its operations in Guangzhou, including the 198 leased from Wanjun.

In accordance with the leasing agreements, Senmiao has leased a total of 198 BYD EVs from Wanjun with a set monthly leasing fee and a one-time deposit fee per vehicle to operate as part of Senmiao’s online ride-hailing business in Guangzhou. Senmiao will sub-lease the EVs delivered under these agreements to its online ride-hailing drivers in Guangzhou, and Wanjun will provide insurance coverage and necessary vehicle maintenance services based on prior consent during the leasing term.

BYD is one of the largest manufacturers of automobiles, battery-powered bicycles, buses, trucks, forklifts, solar panels, rechargeable batteries, and mobile-phone batteries in China.

Xi Wen, Senmiao’s Chairman and Chief Executive Officer stated, “Since we announced our initial cooperation with BYD in 2020, we are pleased to have developed a strong partnership with BYD, strengthened by ongoing business relations in EV leasing and purchasing with Wanjun. As we continue to focus on building synergies between our online ride-hailing business and automobile leasing business, we believe these agreements provide us with the necessary additional capacity to support the ongoing development of our operations in Guangzhou, a mature market Senmiao has operated in since March 2021.”