Senmiao is a provider of automobile transaction and related services targeting the online ride-hailing industry in China. The service has now begun operating its own online ride-hailing platform and announced that it has ordered another 500 electric vehicles manufactured by BYD of a total order for around 5000 electric vehicles.
The order stands before the background of a framework agreement between BYD and Senmiao for the purchase of BYD manufactured EVs and joint promotion of the use of EVs in the local ride-hailing market. In combination with the initial vehicle order, Senmiao has now ordered 1,000 BEVS from BYD, but is anticipated to order a total of 5,000 vehicles in the 2020-21 period.
“We are pleased to have made our second order of 500 EVs from our partner BYD, given the positive reception of EVs from our initial order in November 2020,” said Xi Wen, Senmiao’s Chairman and Chief Executive Officer, adding: “We anticipate continued strong demand for our finance and leasing offerings with the development of our online ride-hailing platform in Changsha as the ride-hailing market returns to normalcy following the impact of the pandemic in 2020.”
The ride-hailing service is currently active in two areas: Chengdu and Changsha in the Sichuan and Hunan Province, respectively. So far, Senmiao has served a total of 1.3 million rides or orders in the final quarter of 2020. However, this is just the beginning, as Wen further underscores: “We are confident that we will be able to successfully replicate our model in new markets this year.”