AIHS - Senmiao Technology rallies on 500 EVs order

Under the framework agreement with BYD, Senmiao Technology ([[AIHS]] +12.0%) ordered 500 electric vehicles manufactured by BYD from Chengdu Zhishengmingyang Automobile Trading, an authorized dealer of BYD Auto Sales, a wholly owned subsidiary of BYD.The company expects to provide finance and leasing options of these EVs to ride-sharing drivers in Senmiao's two principle markets, Chengdu and Changsha.First 20 cars are expected to be available for purchase or leasing in the Changsha market in November 2020."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 Q4,"  chairman & CEO Xi Wen commented.

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Senmiao Technology rallies on 500 EVs order