Senmiao Technology Limited announced that it has ordered another 500 electric vehicles ("EVs") manufactured by BYD Company Limited from an authorized dealer of BYD Auto Sales Co. Ltd., which is a wholly owned subsidiary of BYD. These automobiles are expected to be delivered to Senmiao by March 2021. Senmiao initially expects to provide finance and leasing options for these EVs to ride-hailing drivers in one of Senmiao's two principal markets, Changsha, while exploring new potential cities in which to expand. Senmiao has seen an increase in demand for EVs in financial leasing and operating leasing due to the recent launch of its own proprietary ride-hailing platform, Xixingtianxia. Senmiao also expects to implement services and technology in these vehicles in preparation for ride-hailing activities, including advanced telematics and mapping software. The order was made pursuant to 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. With this second order, Senmiao has ordered 1,000 of the anticipated 5,000 vehicles in 2020-21. Senmiao intends to finance the purchase of these vehicles through a combination of cash on hand along with financing made available to Senmiao through its collaboration with BYD.