AIHS - Senmiao Technology inks framework agreement with BYD's biggest dealer in China

Senmiao Technology (AIHS +6.1%) signed a framework agreement with Baijuyi New Energy Car wherein Senmiao expects to lease 6K automobiles for its ride-hailing business. As of July end, 150 automobiles have been delivered to Senmiao in Chengdu and Guangzhou pursuant to the framework agreement. Baijuyi is a subsidiary of Beijing Beifang Huapeng which boasts 17 years of automobile sales experience and has served as the biggest dealer of BYD for years in China. "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," chairman & CEO Xi Wen commented. The company witnessed very positive growth and development of online ride-hailing platform since launch with successful completion of ~2.1M rides in June 2021.

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Senmiao Technology inks framework agreement with BYD's biggest dealer in China