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PR Newswire

Senmiao Technology Reports Fiscal 2022 First Quarter Financial Results

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CHENGDU, China, Aug. 17, 2021 — Senmiao Technology Limited ("Senmiao") (NASDAQ: AIHS), a provider of automobile transaction and related services targeting the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced financial results for its fiscal 2022 first quarter ended June 30, 2021.

Fiscal 2022 First Quarter Financial and Operating Highlights

  • Total revenues of $1.9 million, an increase of approximately 61% from $1.1 million in the prior-year period, primarily as a result of increased operating lease revenues from automobile rentals as Senmiao has shifted its focus to this business in direct response to the COVID-19 pandemic.
  • Net loss from continuing operations of $7.4 million, compared with $2.3 million from the prior-year period, primarily due to increased cost of revenue, operating expenses and other expense related to the development and services provided on Senmiao’s new online ride-hailing platform.
  • From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to June 30, 2021, 10.5 million rides were completed through the platform with fares paid by riders totaling $31.4 million.

Management Commentary

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "Our online ride-hailing platform continued to ramp its growth since its launch in last October. We achieved 61% growth on the top line during the fiscal 2022 first quarter, primarily driven by increased operating lease revenues from automobile rentals, which accounted for the majority of our total revenues. During the period, we were pleased to see the public health situation continue to improve in a post-pandemic recovery. We anticipate operating lease revenues from automobile rentals will continue to account for most of our revenues with our online ride-hailing platform services making steady contributions over the next 12 months."

Mr. Wen continued, "We feel there is a natural symmetry where Senmiao can leverage our online ride-hailing platform and improve utilization of automobiles under our operating leases. This year, we launched the platform in Guangzhou, China’s third-largest city, in late March, as well as in the smaller cities of Nanchong and Panzhihua in June. As a result of our expansions into new cities and valued partnerships, approximately 6 million rides have been completed using Senmiao’s platform, generating gross fares of approximately $18 million, during the three months ended June 30, 2021."

"We remain confident in the long-term prospects of the online ride-hailing industry despite some setbacks caused by recent COVID-19 resurgences in Guangzhou and Chengdu, which resulted in local governments implementing travel restrictions and lockdowns. We continue to deepen our relationships with our key industry partners and anticipate further expansion into more cities in China this year. We believe the acceleration of our platform’s growth will benefit the automobile rentals business as more individuals look to transition into ride-hailing as a profession. We look forward to supporting a growing population of ride-hailing drivers as the industry continues to expand across the country."

Financial Review

Revenues

Total revenues were $1.9 million for the fiscal first quarter ended June 30, 2021, an increase of 61% from $1.1 million in the prior-year period. The increase was largely due to increased operating lease revenues from Senmiao’s automobile rental business, which was partially offset by lack of revenue contributions from automobile sales and facilitation of automobile transaction and financing during the period.

Cost of Revenues

Cost of revenues increased to $3.8 million for the fiscal first quarter ended June 30, 2021, compared to $0.8 million in the prior fiscal year, primarily due to a $1.4 million increase in cost of automobiles under operating leases and a $1.9 million increase in direct expense and technical service fees related to Senmiao’s online ride-hailing platform, as a result of the commencement and expansion of those two businesses.

Gross Profit (Loss)

Gross loss was $1.9 million for the fiscal first quarter ended June 30, 2021, compared to gross profit of $0.3 million in the prior-year period, due to the decreased number of automobiles sold and facilitated new automobile purchases. Senmiao has focused on operating leases to mitigate the impact of the return of automobiles by a substantial number of drivers and the intense competition in the online ride-hailing market in Chengdu and Changsha since 2020. As noted above, Senmiao incurred increased cost of revenues related to the launch of its online ride-hailing platform. It also paid additional cash incentives to attract drivers to its platform.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased to $3.7 million for the fiscal first quarter ended June 30, 2021, compared to $2.0 million in the prior-year period. The increase was mainly attributable to a $0.7 million increase in salary and employee benefits as Senmiao’s employee headcount increased from 179 to 347, a $0.8 million increase in advertising and promotion expenses for online ride-hailing platform services, and a $0.4 million increase for office expenses, professional service fees such as financial, legal and market consulting, and other miscellaneous expenses, partially offset by a $0.3 million decrease in amortization of automobiles that were rendered to Senmiao but have not been sub-leased as Senmiao leased more automobiles during this quarter than in the prior-year period.

Net Loss

Net loss from Senmiao’s continuing operations for the fiscal first quarter ended June 30, 2021, was $7.4 million, compared to $2.3 million in the prior-year period, which was primarily the result of the increased cost of revenues and increased selling, general and administrative expenses mentioned above, as well as a $1.1 million decrease in change in fair value of derivative liabilities related to warrants issued in Senmiao’s most recent registered direct offering.

Loss per Share

Loss per share for continuing operations was approximately $0.12 based on a weighted average number of basic and diluted common stock of 52.7 million, compared to approximately $0.07 based on a weighted average number of basic and diluted common stock of 29.0 million.

Financial Position

As of June 30, 2021, Senmiao had cash and cash equivalents of $4.0 million, compared to $4.4 million as of March 31, 2021. The Company’s business is capital intensive, and management is taking steps to alleviate the working capital deficit.

Further information regarding Senmiao’s results of operations for the quarter ended June 30, 2021 can be found in Senmiao’s website, which will be filed with the Securities and Exchange Commission.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchase and financing, management, operating lease, guarantee and other automobile transaction services as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao’s areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. The Company routinely provides important information on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including statements concerning the development of Senmiao’s automobile transaction, financing, rental and related services and online ride-hailing platform, the Chinese ride-hailing and automobile financial leasing markets, Senmiao’s plans, objectives, goals, strategies, and performance, and the impact of COVID-19 on Senmiao’s business), as well as the assumptions such statements and other statements that are not statements of historical facts are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao’s filings with the SEC, and represent Senmiao’s views only as of the date they are made and should not be relied upon as representing Senmiao’s views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com 
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc. 
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com 

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com 

© 2021 Senmiao Technology Ltd.  All rights reserved.

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollar, except for the number of shares)

June 30, 2021

March 31, 2021

(Unaudited)

ASSETS

Current assets

Cash, and cash equivalents

$

4,037,518

$

4,448,075

Accounts receivable, net, current portion

1,284,226

1,437,195

Inventories

255,954

127,933

Finance lease receivables, net, current portion

501,482

541,605

Prepayments, other receivables and other assets, net

4,560,491

3,905,278

Due from related parties

38,333

39,572

Current assets – discontinued operations

54,255

393,348

Total current assets

10,732,259

10,893,006

Property and equipment, net

Property and equipment, net

5,574,939

3,700,147

Property and equipment, net – discontinued operations

—

5,592

Total property and equipment, net

5,574,939

3,705,739

Other assets

Operating lease right-of-use assets, net

452,035

499,221

Operating lease right-of-use assets, net, related parties

718,804

580,367

Financing lease right-of-use assets, net

3,889,841

4,778,772

Intangible assets, net

935,122

968,131

Goodwill

—

135,388

Accounts receivable, net, noncurrent

111,591

269,183

Finance lease receivables, net, noncurrent

337,885

473,472

Total other assets

6,445,278

7,704,534

Total assets

$

22,752,476

$

22,303,279

LIABILITIES AND EQUITY （DEFICIENCY）

Current liabilities

Borrowings from financial institutions

$

451,742

$

310,662

Accounts payable

184,113

44,769

Advances from customers

154,779

155,586

Income tax payable

17,666

17,408

Accrued expenses and other liabilities

8,704,888

6,655,592

Due to related parties and affiliates

485,301

352,827

Operating lease liabilities

112,977

209,644

Operating lease liabilities – related parties

410,582

243,726

Financing lease liabilities

5,195,122

5,172,943

Derivative liabilities

6,164,941

1,278,926

Current liabilities – discontinued operations

934,524

2,336,861

Total current liabilities

22,816,635

16,778,944

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

June 30, 2021

March 31, 2021

(Unaudited)

Other liabilities

Borrowings from financial institutions, noncurrent

40,062

44,962

Operating lease liabilities, non-current

249,017

263,708

Operating lease liabilities, non-current – related parties

407,296

341,549

Financing lease liabilities, non-current

1,734,107

2,256,553

Deferred tax liability

45,659

44,993

Total other liabilities

2,476,141

2,951,765

Total liabilities

25,292,776

19,730,709

Commitments and contingencies

Stockholders’ equity (deficiency)

Common stock (par value $0.0001 per share, 100,000,000
shares authorized; 55,356,670 and 49,780,725 shares issued
and outstanding at June 30, 2021 and March 31, 2021, respectively)

5,536

4,978

Additional paid-in capital

43,031,107

40,755,327

Accumulated deficit

(40,313,536)

(34,064,921)

Accumulated other comprehensive loss

(845,908)

(838,671)

Total Senmiao Technology Limited stockholders’ equity

1,877,199

5,856,713

Non-controlling interests

(4,417,499)

(3,284,143)

Total equity (deficiency)

(2,540,300)

2,572,570

Total liabilities and equity (deficiency)

$

22,752,476

$

22,303,279

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Revenues

$

1,850,075

$

1,146,916

Cost of revenues

(3,779,346)

(800,256)

Gross profit (loss)

(1,929,271)

346,660

Operating expenses

Selling, general and administrative expenses

(3,683,277)

(1,960,425)

Provision for doubtful accounts, net of recovery

(45,553)

(128,612)

Impairments of long-lived assets and goodwill

(164,257)

—

Total operating expenses

(3,893,087)

(2,089,037)

Loss from operations

(5,822,358)

(1,742,377)

Other expense

Other expense, net

(56,659)

(6,076)

Interest expense

(14,696)

(20,648)

Interest expense on finance leases

(107,639)

(226,177)

Change in fair value of derivative liabilities

(1,369,284)

(282,980)

Total other expense, net

(1,548,278)

(535,881)

Loss before income taxes

(7,370,636)

(2,278,258)

Income tax expense

—

(6,272)

Net loss from continuing operations

(7,370,636)

(2,284,530)

Net loss from discontinued operations, net of applicable income taxes

—

(85,654)

Net loss

(7,370,636)

(2,370,184)

Net loss attributable to non-controlling interests from continuing operations

1,122,021

389,699

Net loss attributable to stockholders

$

(6,248,615)

$

(1,980,485)

Net loss

$

(7,370,636)

$

(2,370,184)

Other comprehensive income (loss)

Foreign currency translation adjustment

(18,572)

11,717

Comprehensive loss

(7,389,208)

(2,358,467)

less: Total comprehensive loss attributable to noncontrolling interests

(1,133,356)

(387,386)

Total comprehensive loss attributable to stockholders

$

(6,255,852)

$

(1,971,081)

Weighted average number of common stock

Basic and diluted

52,731,560

29,008,818

Loss per share – basic and diluted

Continuing operations

$

(0.12)

$

(0.07)

Loss per share –

Discontinued operations

$

—

$

(0.00)

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Cash Flows from Operating Activities:

Net loss

$

(7,370,636)

$

(2,370,184)

Net loss from discontinued operations

—

(85,654)

Net loss from continuing operations

(7,370,636)

(2,284,530)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization of property and equipment

211,588

58,085

Amortization of right-of-use assets

1,182,825

880,785

Amortization of intangible assets

37,340

20,814

Provision for doubtful accounts, net of recovery

45,553

128,612

Impairments of long-lived assets and goodwill

164,257

—

Change in fair value of derivative liabilities

1,369,284

282,980

Change in operating assets and liabilities

Accounts receivable

302,036

(94,912)

Inventories

(126,111)

(10,647)

Prepayments, other receivables and other assets

(1,186,463)

365,804

Finance lease receivables

190,695

(74,350)

Accounts payable

843,054

3,609

Advances from customers

(3,108)

42,437

Income tax payable

—

60

Accrued expenses and other liabilities

1,896,615

564,708

Operating lease liabilities

(118,341)

(81,842)

Operating lease liabilities – related parties

33,877

(18,502)

Net cash used in operating activities from continuing operations

(2,527,535)

(216,889)

Net cash (used in) provided by operating activities from discontinued operations

(1,107,924)

183,832

Net Cash Used in Operating Activities

(3,635,459)

(33,057)

Cash Flows from Investing Activities:

Purchases of property and equipment

(2,072,779)

(4,891)

Net cash used in investing activities from continuing operations

(2,072,779)

(4,891)

Net cash used in investing activities from discontinued operations

(1,395)

(70)

Net Cash Used in Investing Activities

(2,074,174)

(4,961)

Cash Flows from Financing Activities:

Net proceeds from issuance of common stock and warrants in a registered direct
public offering

5,771,053

—

Net proceeds from issuance of common stock upon warrants exercised

22,015

—

Borrowings from financial institution

258,001

122,406

Loan to related party

(8,654)

(19,693)

Borrowings from related parties and affiliates

125,493

—

Repayments to related parties and affiliates

—

(4,155)

Repayments of current borrowings from financial institutions

(127,098)

(23,739)

Principal payments of finance lease liabilities

(718,648)

(376,670)

Net cash provided by (used in) financing activities from continuing operations

5,322,162

(301,851)

Net cash provided by financing activities from discontinued operations

—

7,233

Net Cash Provided by (Used in) Financing Activities

5,322,162

(294,618)

 


SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(CONTINUED)

(Expressed in U.S. dollar, except for the number of shares)

For the Three Months Ended

June 30, 

2021

2020

(Unaudited)

(Unaudited)

Effect of exchange rate changes on cash and cash equivalents

(23,086)

10,239

Net decrease in cash and cash equivalents

(410,557)

(322,397)

Cash and cash equivalents, beginning of period

4,448,075

844,028

Cash and cash equivalents, end of period

4,037,518

521,631

Less: Cash and cash equivalents from discontinued operations

—

(5,033)

Cash and cash equivalents from continuing operations, end of period

$

4,037,518

$

516,598

Supplemental Cash Flow Information

Cash paid for interest expense

$

14,696

$

20,648

Cash paid for income tax

$

—

$

—

Non-cash Transaction in Investing and Financing Activities

Recognition of right-of-use assets and lease liabilities

$

—

$

1,780,027

Recognition of right-of-use assets and lease liabilities, related parties

$

298,628

$

—

Acquisition of equipment through prepayment and financing lease receivables offset

$

—

$

85,455

Allocation of fair value of derivative liabilities for issuance of common stock
proceeds

$

3,562,404

$

—

Allocation of fair value of derivative liabilities to additional paid in capital upon
warrants exercised

$

45,674

$

—

 

Related Links :

http://www.senmiaotech.com

PR Newswire

Intelligent Systems | Tech Helps GAC Jump to 176th on the Fortune 500

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GUANGZHOU, China, Aug. 13, 2021 — For almost 25 years, GAC has strengthened independent innovation on the basis of joint ventures and cooperation, as well as through extensively funding of the GAC R&D Centers. This investment in technology has yielded great results: as of August 2, 2021, GAC had jumped 30 places up on the Fortune 500 list to 176th.


Despite a global downturn, GAC achieved revenue growth of over 5% in 2020, and sales of over 2 million models. Figures for first half of 2021 were especially impressive, with overall sales increasing by over 25%.

At the GAC Group 2021 Investors’ Day, GAC presented some of the astounding technological achievements which will form the foundations of future growth, into a global top-tier automobile manufacturer.

Connectivity, New Energy | The Coming Years at GAC

"No technology, no GAC." This motto neatly encompasses the development strategy of GAC and its subsidiaries.

At the center of the GAC plan are the two tenets of smart connectivity and new energy.

GAC group has recently developed and upgraded multiple vehicle technologies, including the L2++ driving assistance system; experienced the Robotaxi, an L4 self-driving car; the Magic Box, a striking concept car developed by GAC; and the GIEC, one of China’s most advanced intelligent cockpits.

Over the next five years, GAC Group will focus on comprehensively improving independent innovation, and realizing high-quality development in five areas: electrification, smart connectivity, digitization, communalization and internationalization.

One aspect of this is the new GAC New Energy Vehicle Industrial Park, which will focus on EV (pure Electric Vehicle) + ICV (Intelligent Connected Vehicle) production, of key importance in the shift towards greener, low-carbon and sustainable vehicles and production. Excitingly, GAC is also working closely with tech giant Huawei on the production of a high-end autonomous car for the private market, due to enter mainstream production by 2023.

Striving for better

Placing 176th on the Fortune 500 is representative of the hard work and cohesion of the multi-faceted GAC Group workforce. It is an achievement to be proud of, but GAC is committed to striving for better, surpassing its previous limits to climb higher and higher on the world stage.

GAC is more than ready for the next five years. Let’s go!

PR Newswire

Key Foundry Reinforces Design Support for Fabless Customers

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SEOUL, South Korea, Aug. 11, 2021 — Key Foundry, the only pure-play foundry in Korea, announced today that it has developed a customer-friendly semiconductor design support tool named PDK Version E (Process Design Kit, enhanced version), and begun its offering to fabless companies.

A PDK is a semiconductor fabrication process-related database offered by a foundry company. This database enables customers to create designs that are well-suited for the foundry service provider’s fabrication processes and equipment characteristics.

Recently, PDK has become a key indicator of foundry service provider’s technical strength. When fabless companies use well-defined PDKs, they can reduce risks that may occur during semiconductor manufacturing and shorten the time for development.

Key Foundry has been offering PDKs that support environments of major chip design tool companies such as Synopsys, Cadence, Siemens, etc. to help customer design. PDK version E was developed by adding a PDK setup environment (PDK Organizer) and gate-level PCells (GCELL) to improve customer design convenience.

The PDK setup environment helps customers build user environments suitable for their product designs and allows the customization of the entire PDK set compared to the existing method that supports customization of only part of the PDK set. In addition, GCELL, the first feature introduced in the foundry industry, supports functional units consisting of combinations of basic unit devices, which improve design convenience and reduce design time, unlike traditional methods that support only independent basic unit devices provided in the fabrication process.

Key Foundry has applied PDK Version E to all of its BCD (Bipolar-CMOS-DMOS) processes and continues expanding the application to Mixed-Signal, Embedded Flash and High Voltage processes. In particular, for BCD processes, where demand has been increasing in recent years, Key Foundry expects PDK Version E with additional updated models which more accurately represent silicon characteristics compared to the previous one will provide an opportunity to expand the customer base. 

In a recent customer satisfaction survey conducted by Key Foundry, the majority of customers who have used PDK Version E gave positive feedback that the tool was helpful, and they intend to continue using it for future designs. It is deemed that the tool’s easy customization of design environments and high design and layout convenience are major reasons for the positive survey result.

"Key Foundry has made years of relentless development and verification efforts to reinforce design support for our fabless customers," said Dr. Tae Jong Lee, CEO of Key Foundry. "We will continue striving to perfect our foundry service by improving our PDKs and grow the competitiveness of our process technology."

About Key Foundry

Headquartered in Korea, Key Foundry provides specialty Analog and Mixed-Signal foundry services for semiconductor companies to serve a wide range of applications in the consumer, communications, computing, automotive and industrial industries. With a broad range of technology portfolio and process nodes, Key Foundry has the flexibility and capability to meet the ever-evolving needs of semiconductor companies across the globe. Please visit https://www.key-foundry.com for more information.

CONTACTS:

Media Communication:

Strategy & Business Planning Team

Tel. + 82-2-3450-5191

strategy@key-foundry.com

Sales/Marketing/Technology:

Taeho Choi (Marketing VP)

Tel. + 82-43-718-4548

taeho.choi@key-foundry.com

Related Links :

http://www.key-foundry.com

PR Newswire

Macronix and Foxconn Sign Asset Transaction Agreement for 6-inch Wafer Fab

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HSINCHU, Aug. 6, 2021 — Macronix International Co., Ltd. ("Macronix") (TWSE: 2337), a leading integrated device designer and manufacturer in Non-Volatile Memory (NVM), and Hon Hai Technology Group ("Foxconn") (TWSE: 2317), the world’s largest electronics manufacturer and service provider, today announced the signing of an Asset Transaction Agreement for the sales of Macronix’s 6-inch wafer fab and equipment in Hsinchu Science Park to Foxconn for NT$2.52 billion. The transaction is expected to be closed by the end of 2021.

The Asset Transaction Agreement was signed by Dr. Chih-Yuan Lu, President of Macronix, and Dr. Bob Wei-Ming Chen, President of Foxconn Semiconductor Business Group ("S Business Group"). The momentous event was also witnessed by Mr. Miin Wu, Chairman and CEO of Macronix, and Mr. Young Liu, Chairman and CEO of Foxconn. Not only does the transaction reflect Foxconn’s commitment to the long-term "3+3" (industry and technology) company vision but it also signifies a deeper commercial collaboration between Macronix and Foxconn.

"The acquisition of the 6-inch wafer fab in Hsinchu Science Park officially signals Foxconn’s entry into the manufacture and development of wide band gap semiconductors, especially SiC, paving the way for a long-term commitment to semiconductor development. The manufacturing of SiC is in line with Foxconn’s 3+3 strategy (EV, digital health, Robotics + AI, semiconductor, advanced communication). SiC MOSFET is an important device for EV, while EV occupies the No.1 position in Foxconn’s 3+3 strategy. The 6-inch wafer fab will function as S Business Group’s headquarters in Hsinchu, the world famous semiconductor cluster, enabling closer partnership with the semiconductor companies based in the Hsinchu Science Park", said Mr. Young Liu, Chairman and CEO of Foxconn.

"To enhance advanced technology and global competitiveness, Macronix will focus on 12-inch wafer business, especially R&D and manufacturing of the advanced 3D NAND Flash and NOR Flash products after capacity expansion. Macronix is pleased to see the subject 6-inch wafer fab continue to make its contribution to Taiwan as Foxconn commits to have the fab be used as an important base for Foxconn to reinforce its semiconductor development plan and to meet the demand of electric vehicles. Considering that Macronix is advancing to take the lead in the global automotive electronics market, a closer collaboration between Macronix and Foxconn in the near future may be anticipated", said Mr. Miin Wu, Chairman and CEO of Macronix.

The interim Board meeting was held by Macronix and Foxconn respectively this morning to approve the above transaction, and the contract signing ceremony was held shortly at the subject 6-inch wafer fab. The subject 6-inch wafer fab, located in Hsinchu Science Park with completed industrial supply chain. In addition to manufacture SiC Power MOSFET, Foxconn confirmed that it will also manufacture silicon wafer products, such as MEMS, in order to achieve Foxconn’s strategic goals on development of semiconductors industry, electric vehicles, and digital health.

About Macronix

Macronix, a leading integrated device manufacturer in the non-volatile memory (NVM) market, provides a full range of NOR Flash, NAND Flash, and ROM products. With its world-class R&D and manufacturing capability, Macronix continues to deliver high-quality, innovative and performance-driven products to its customers in the consumer, communication, computing, automotive, networking and other market segments.

Find out more at www.macronix.com

About Hon Hai Technology Group

Established in Taiwan in 1974, Hon Hai Precision Industry Co., Ltd. ("Foxconn Technology Group") (2317: Taiwan) is the world’s largest electronics manufacturer. Hon Hai is also the leading technological solution provider and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. To learn more, visit: www.honhai.com

Related Links :

https://www.macronix.com

PR Newswire

Shipsy brings Deb Deep Sengupta as their Board Advisor

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– Deep brings more than two decades of technical experience with a specialization in driving enterprise-wide transformations

– His onboarding will help the company execute key strategies and business decisions to march ahead with its expansion plans

GURUGRAM, India, Aug. 6, 2021 — Shipsy, a leading SaaS-based intelligent supply chain and logistics solutions provider, has announced the onboarding of Deb Deep Sengupta as its Board Advisor. This comes as a major development for the company proactively involved in expanding and expediting its international outreach.

Deb Deep Sengupta, Board Advisor, Shipsy
Deb Deep Sengupta, Board Advisor, Shipsy

Deep is a Senior Executive with more than 25 years of experience in the technology industry having spent his career with global companies like HP, IBM & SAP. He has a proven track record of driving enterprise-wide transformations and was instrumental in the success of SAP in India & South Asia for close to two decades. During this period, SAP acquired around 14,000 clients and built a network of 500+ partners. He has been personally involved in some of the largest Digital Transformation projects such as Reliance and Tata.

Deep served as the President & Managing Director of SAP India & South Asia from 2015 to 2020. During his tenure, SAP India was voted as the No.1 "Best Places to Work in India," by Great Places to Work for two consecutive years. Under his leadership, SAP India was one of the fastest growth regions globally, winning the "Top Performing Region of the Year of Asia" in 2016 and 2018. It also won the "Golden Peacock" award by the Ministry of Skill Development in 2019 for its social contribution to improving digital literacy among rural women and youth through the Code Unnati program.

Deep is now a Board Advisor to Venture backed SaaS companies as well as an Early Stage Investor.

Commenting on the onboarding, Soham Chokshi, CEO & Co-Founder of Shipsy, said, "Going forward, we need a strong suite of advisors to drive our growth at a global stage. With a strong command over technology and organization building, Deep will be a valuable asset to our team. We are delighted to have him on board and look forward to building stronger roots and expediting our global expansion efforts."

The Gurugram-based smart logistics management company has been aggressively charging towards its expansion goals. Shipsy has made several leadership hirings and increased its talent pool by almost 25% this year. They have also recently set up their regional headquarters in Dubai.

About Shipsy:

Shipsy is an end-to-end Saas-based supply chain and logistics management platform. Founded in 2015 in Gurugram, the company leverages AI and big data to design and develop low-code SaaS solutions to improve operational efficiency across Manufacturing, QSR, Retail, CEP, and Global Trade. The brand has its regional headquarter in Dubai (UAE). Last year the company raised USD 6 Mn in Series A round led by Sequoia Capital India’s Surge and existing investor Info Edge.

Media Contact : media@shipsy.io | +91-9867999866

PR Newswire

Luokung Subsidiary eMapGo Wins Gaogong Intelligent Car Golden Globe Award

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BEIJING, Aug. 5, 2021 — Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that its operating subsidiary eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China, has won the 2021 Gaogong Intelligent Car Golden Globe Award in the category of Leading Competitive Supplier of Intelligent Driving (HD Map).

Other winners of the Advanced Intelligent Golden Globe Award included well-known automotive technology service providers such as Bosch and Continental under the Intelligent Driving Mass Production Solutions category.

The 2021 (12th) Gaogong Intelligent Automobile Developers Conference was hosted in Shanghai by Gaogong Intelligent Automobile Research Institute. The event aims to facilitate conversations amongst the major players in the industry about current and future trends in autonomous driving. The conference released industry reports titled Intelligent Driving Core Technology and Market Roadmap and Intelligent Driving Pre-installation Mass Production Data Report for the First Half of 2021, and awarded the annual Intelligent Driving Competitiveness Golden Globe Awards on site.

EMG is one of the leading map providers of China’s automotive front-mounted navigation maps and autopilot HD Maps and spearheaded the effort behind setting and implementing the first industry standard for the Highly Automated Driving Map production industry in China. EMG has worked on a number of mass production projects for autonomous driving HD Map services and domestic autonomous parking HD Maps. The Company is also an active participant in multiple smart highway demonstration projects, leveraging its advantages in the field of autonomous driving.

Mr. Xuesong Song, Chairman and CEO, stated, "We are thrilled to have been recognized with a 2021 Gaogong Intelligent Car Golden Globe Award following the sole recipient of the 2020 Golden Globe Award for HD Map, especially being Leading Competitive Supplier of Intelligent Driving (HD Map), which we see as a validation of the commercialization of our HD Map products by the market and industry. To win this award in the company of other reputable international players in the field is an absolutely honor. We believe the strength of our product and service offerings will serve us well as we look to expand our client base and partnerships within the autonomous driving industry."

About Luokung Technology Corp.

Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and related intelligent spatial-temporal big data, Luokung established city-level and industry-level holographic Spatial-temporal digital twin systems and actively serves industries including autonomous driving, vehicle-road collaboration (V2X), smart transportation, smart travel, local business LBS, new infrastructure, smart cities, and smart industries (emergency, natural resources, environmental protection, water conservancy, energy, smart training, among others). The Company routinely provides important updates on its website: www.luokung.com/en.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "probable", "potential", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination and analysis of the existing law, rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you the statement herein will be accurate. As a result, you are cautioned not to rely on any forward-looking statements.

Related Links :

http://www.luokung.com

PR Newswire

Piaggio Fast Forward Develops New Sensor Technology for Consumer and Enterprise Robots and for Motorcycle and Scooter Safety (ARAS)

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TEL AVIV, Israel, Aug. 5, 2021 —

Piaggio Fast Forward Develops New Sensor Technology for Consumer and Enterprise Robots and for Motorcycle and Scooter Safety (ARAS)
Piaggio Fast Forward Develops New Sensor Technology for Consumer and Enterprise Robots and for Motorcycle and Scooter Safety (ARAS)

Highlights:

  • Piaggio Fast Forward (PFF) reveals trailblazing sensor technology for consumer and business robots as well as motorcycles and scooters
  • Piaggio Group motorcycles and scooters featuring an innovative sensor technology package developed, built and supplied by PFF including 4D imaging radar provided by Vayyar expected to debut in 2022 with PFF robots launching in late 2021
  • Vayyar Imaging, the global leader in 4D imaging radar, supplying the RoC (Radar-on-Chip) for the sensor package developed, built and supplied by PFF for mass production in Advanced Rider Assistance Systems (ARAS) and robots

Piaggio Fast Forward (PFF), the Boston-based robotics company and a leader in smart following technology, has developed new sensor technology for implementation not only in consumer and business robots but also in scooters and motorcycles.

Founded in 2015 by the Piaggio Group, PFF has previously focused on advancing innovation in smart following technology and smart behavior implementation in robots and machines, but in a strategic decision last year, began developing a custom radar sensor module for use first in Piaggio Group motorcycles and scooters with the intention to provide the technology to other companies in the future.

PFF’s hardware-software modules offer uncompromising safety by providing robust monitoring in all environmental and lighting conditions. PFF awarded a supply contract for the modules’ Radar-on-Chip to Vayyar Imaging, marking the deployment of the industry’s first ever 4D imaging radar-based motorcycle safety platform. The complete sensor package is developed, built and supplied by PFF for mass production in Piaggio Group motorcycles’ Advanced Rider Assistance Systems (ARAS).

ARAS applications are on the front line of the battle to prevent collisions and protect motorcycle riders. ARAS technology meets the rigorous technological requirements of traditional driver assist functions, addressing additional motorcycle-specific challenges such as size constraints and seamless vehicle maneuverability at high-tilt angles.

The PFF modules use Vayyar’s mmWave 4D imaging Radar-on-Chip (RoC) sensor, enabling multiple ARAS functions such as Blind Spot Detection (BSD), Lane Change Assist (LCA) and Forward Collision Warning (FCW) with a single sensor supporting a range of over 100m, and an ultra-wide field-of-view. PFF robots incorporating the radar technology are expected to be  released at the end of 2021, with Piaggio Group motorcycle models equipped with the PFF sensor module launching in 2022.

"PFF is creating advanced technology products for robots and motorcycles that detect and measure objects in our surroundings to provide the information we need for mapping, object detection, and control, regardless of lighting, weather and other environmental factors. We have chosen to develop our sensing applications with Vayyar’s 4D imaging radar technology. We are excited to work with such a professional, passionate team, to develop innovative new solutions that provide our customers with a better product experience." Greg Lynn, CEO at Piaggio Fast Forward.

The Vayyar 4D imaging radar technology being used in both PFF robots and PFF sensing modules developed for the motorcycle industry supports a large Multiple Input Multiple Output (MIMO) array that enables ultra-high resolution point cloud imaging for holistic monitoring of a robot’s and a vehicle’s surroundings. This high-performance sensor incorporates sophisticated single-chip 4D imaging radar technology, featuring an ultra-wide field of view (both in azimuth and elevation) with no dead zones, detecting and tracking multiple targets. Its small form-factor is engineered to address the unique challenges of motorcycle and robotics design.

"We’re very excited to partner with PFF, who are at the forefront of sensor technology, both in terms of harmonization with rider experience on two- and three-wheeled products, as well as application in their innovative robots. Motorcycle riders are among the most vulnerable road users, and this is a big step forward in reducing their risk of collision," says Ilan Hayat, Director of Business Development at Vayyar Imaging. "Regardless of vehicle type, rider safety should not be compromised, and by partnering with PFF we are thrilled to deliver an automotive standard of safety to motorcycles", added Hayat.

 

PR Newswire

Nexteer China Marks New Production Milestone of Two Million Rack-Assist Electric Power Steering Systems

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SUZHOU, China, Aug. 4, 2021 — Nexteer Automotive, a leader in intuitive motion control, announced its China production milestone of two million Rack-Assist Electric Power Steering (REPS) systems at its Nexteer Suzhou Plant.

"Since the production of REPS began in Suzhou in 2015, we have provided these innovative, high-quality steering systems to numerous OEM customers across the region," said Yi Ren, General Manager, Nexteer Suzhou. "Our REPS systems support growing industry megatrends such as electrification and automation, and we’re constantly updating our product portfolio to meet the growing need of OEMs for advanced safety and performance."

Nexteer’s REPS is designed for heavier vehicles to handle higher front-axle loads and optimize packaging space. While providing branded steering feel and road feel, REPS also enables these heavier vehicles to take advantage of all the advanced safety and performance features enabled by EPS technology, such as lane keeping, park assist, traffic jam assist, lane departure warning and more.

REPS systems are also playing a critical role in global OEMs’ transition toward electrification. For example, with the added weight of batteries in electric vehicles, OEMs are also turning to Nexteer’s High-Output REPS systems, which nearly doubles the steering load capability of standard REPS. Nexteer’s High-Output REPS system can steer up to 24 kilonewtons (kN) of load compared with 10-17 kN for a typical REPS system.

"Nexteer produced the world’s first 12-volt REPS system in 2010 and has since become the global leader for REPS. Our REPS system provides millions of drivers around the world every day with industry-leading steering assistance and driving experience through advanced safety, performance and comfort – making driving safer, greener and more fun." said Dr. David Fan, Global Vice President and Asia Pacific Division President, Nexteer Automotive.  "Nexteer continues to leverage our expertise in software, electronics and vehicle system integration to develop innovative solutions that enable a new era of safety and performance for all levels of automated driving, as well as supporting all modes of vehicle propulsion, be it traditional internal combustion, hybrid or pure electric systems."

In addition to REPS, Nexteer offers a complete portfolio of EPS systems that can steer vehicles of all sizes – from small cars to heavy-duty trucks and light commercial vehicles. Other EPS solutions from Nexteer include Dual Pinion-Assist EPS (DPEPS), Single Pinion-Assist EPS (SPEPS), Column-Assist EPS (CEPS) and High-Availability EPS.

About Nexteer

Nexteer Automotive (HK 1316), a global leader in intuitive motion control, is a multi-billion dollar global steering and driveline business delivering electric and hydraulic power steering systems, steering columns, driveline systems, as well as advanced driver assistance systems (ADAS) and automated driving enabling technologies for original equipment manufacturers (OEMs). The company has 27 manufacturing plants, four technical and software centers and 13 customer service centers strategically located in North and South America, Europe, Asia and Africa. The company serves more than 60 customers in every major region of the world including BMW, Ford, GM, Stellantis, Toyota and VW, as well as automakers in India and China. www.nexteer.com

Link to Nexteer Media Center 

PR Newswire

iPower Inc Doubles Warehouse Capacity with New Facility in California

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DUARTE, Calif., Aug. 3, 2021 — iPower Inc. (Nasdaq:IPW), one of the leading online hydroponic equipment suppliers and retailers in the United States, today announced that it has entered into an agreement to lease a new warehouse and logistics facility in Rancho Cucamonga, CA.  

"With the ongoing strong demand for hydroponics products and accessories, our need for world class distribution and logistics facilities has been increasing rapidly," stated Chenlong Tan, CEO of iPower. "This newly built state of the art facility will have approximately 100,000 sq ft of useable space and is strategically located near an international airport in Ontario, CA.  Our new facility will more than double our current warehouse capacity and will help support our robust growth plans."

About iPower Inc.

iPower Inc. is one of the leading online retailers and suppliers of hydroponics equipment and accessories in the United States. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other brands through its website, www.zenhydro.com, and its online platform partners all of which are fulfilled from its two fulfillment centers in southern California. iPower has a diverse customer base that includes both commercial businesses and individuals. For more information, visit iPower’s website at https://ir.meetipower.com/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in iPower’s filings with the SEC.

For more information, please contact:
Sherry Zheng
Weitian Group LLC
Phone: 718-213-7386
Email: shunyu.zheng@weitian-ir.com

PR Newswire

Chinese Giants GAC and Huawei Will Work Together to Develop a Smart SUV

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GUANGZHOU, China, Aug. 2, 2021 — On July 9, 2021, GAC Group officially announced an exciting joint project with tech giant Huawei: the two firms will work together to develop a "smart SUV", aiming to hit the market in mass production by the end of 2023.

Chinese Giants GAC and Huawei Will Work Together to Develop a Smart SUV
Chinese Giants GAC and Huawei Will Work Together to Develop a Smart SUV

The SUV will be the first joint product of the two enterprises. A medium- to large-size, pure electric SUV, the vision behind the car is one of futuristic, powerful and efficient technology, that will bring exciting new energy capabilities and Level 4 autonomous driving to buyers.

GAC Group embraces and encourages extensive technological innovation in its vehicles, and Huawei is a global leader in many types of technology. This strategic cooperation will allow them to build a new generation of intelligent vehicles and digital platforms. This SUV and multiple other future models will utilize GAC’s GEP.30 chassis platform and Huawei’s CCA (Computing and Communication Architecture), as well as carrying Huawei’s full stack of intelligent vehicle solutions.

Since signing a strategic cooperation agreement in 2017, GAC and Huawei have worked together in the fields of intelligent connected electric vehicle technology.

In September 2020 in Guangzhou, the two firms signed an agreement to further deepen cooperation, with a focus on computing and communication architecture in accordance of the development trend towards software-heavy vehicles.

In the last few years, GAC has seen significant success in realizing vehicle electrification and in various areas of new energy technology. GAC Group is highly committed to research and development, demonstrated by the billions of yuan funneled into the GAC R&D Centers across the world.

The global market for electric vehicles is only growing. Data predicts that the EV global market will expand almost fivefold between 2016 and 2027; an annual increase of 20%. GAC Group is positioned to fully embrace this trend towards creating cleaner, greener, better cars, with GAC MOTOR aiming to produce an entirely electrified lineup of vehicles by 2025.

This rapid growth demonstrates a new demand in the automobile market for intelligent cars, and for Chinese craftsmanship.

With new technologies, new processes and new materials, as well as the use of intelligent manufacturing and comprehensively improved production capacity, GAC and Huawei aim to produce eight models and multiple series of cutting edge electric vehicles, that provide a new driving experience at ever lower costs.