Senmiao Technology intends to purchase around 5,000 vehicles from 2020 to 2021 to support expected ride-sharing growth.
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Shares of Senmiao Technology Limited (AIHS) traded with a bullish in the premarket today, rising up to almost 40% trading around $2. The stock has rallied followed by the announcement of Senmiao signing a Framework Agreement with BYD Auto Sales Co., Ltd., a wholly-owned subsidiary of BYD Company Limited.
Senmiao remains one of the leading stocks in the market today gaining a volume of over 16 million.
Senmiao Technology provides automobile relevant services aiming the online ride-hailing industry in China. The agreement with one of the leading Chinese EV firms, BYD will focus on sales of BYD manufactured electric vehicles to Senmiao. Moreover, both companies will also promote electric vehicles for improving the Chinese ride-sharing market.
Senmiao’s priority will be to focus on the promotion of BYD’s EVs for its leasing customers using the vehicles for the ride-hailing purpose. As per the agreement, BYD will play its role in providing suitable pricing, marketing, charging station support, financial aid, and after-sales services.
The Chairman and CEO of Senmiao Technology, Xi Wen highlighted that their aim is to provide a wide range of leasing and financing options in order to strengthen the ecosystem of the company across China. Talking about the collaboration with BYD, he added:
“We are delighted to enter into this framework agreement with such a well-regarded company as BYD as we continue to promote the use of EVs in public transportation. We feel that the combination of our position in the ride-sharing markets where we operate along with the demand for EVs in China generally will be an exceptional fit for our customers.
Under the agreement, Senmiao will provide an initial deposit and the company plans to purchase around 5,000 vehicles from 2020 to 2021 to support the increasing ride-sharing market.
BYD is one of the largest EV, buses, battery-powered bicycles, trucks, solar panels, forklifts, rechargeable batteries, and mobile phone batteries manufacturers. This deal will help Senmiao Technology Limited (AIHS) to enhance its customer base and improve in the EV market for ride-sharing.
A Good Sign for Senmiao
The EV industry is growing in every segment and the increasing demand has open new opportunities for EV based or related firms. Senmiao currently ranks first in the ride-sharing market in large Chinese cities Chengdu and Changsha. The company is focused to improve its system in core markets and this agreement will help the company to speed up its growth considering the high demand for EVs.
Senmiao Technology Limited (AIHS) has traded high in the premarket on Tuesday while in the prior trading session, AIHS closed at $1.41 up by almost 80%. As we write this at 9:33 A.M. EDT, AIHS was trading with a bullish momentum at $1.66 soaring by 22%.
Senmiao Technology Limited (AIHS) has rallied up 309.68% over the past 12-months period.