Senmiao Technology continues its cooperation with BYD in a celebration of the latest delivery of electric vehicles for ride-hailing

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.

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.