(Yicai) Aug. 20 -- OnTime, the Chinese Robotaxi and ride-hailing platform backed by automaker GAC Group, narrowed its net loss by 45.2 percent in the first six months from a year earlier, helped by improved operational efficiency, an optimized cost structure and stronger demand for its technology services.

OnTime’s net loss amounted to CNY68.5 million (USD9.6 million) in the six months ended June 30, the Hangzhou-based firm said yesterday. Revenue surged 140.7 percent year on year to CNY4 billion (USD600 million).

OnTime attributed the revenue growth to a sharp increase in ride-hailing orders and transaction value. The firm’s ride-hailing transaction value jumped 149.2 percent to CNY5 billion (USD753 million) while the number of total orders soared 150.6 percent to 184 million. The average transaction value per order remained stable at CNY27.60 (USD4.10), compared with CNY27.70 a year ago.

Ride-hailing services accounted for 97.1 percent of total revenue in the first half, OnTime said. Revenue from mobility services, of which ride-hailing services is a part, soared 139.5 percent to CNY3.9 billion (USD580 million).

Revenue from technology services also surged 274.4 percent year on year to CNY100 million (USD14.5 million), driven mainly by the company’s technology-services strategy as well as increased sales and marketing efforts.

Despite the encouraging performance, OnTime’s shares [HKG: 9680] saw no trading today.

Robotaxis have become an important part of ride-hailing platforms’ earnings reports. OnTime’s revenue from other services, which includes Robotaxi services as well as promotional marketing services, more than doubled in the first half from the year before, soaring 108.9 percent to CNY1.1 million (USD174,000).

Although it only accounts for a small share of revenue, OnTime highlighted its Robotaxi operations in its financial report. The firm plans to expand its Robotaxi operations to 100 major cities over the next five years and build a fleet of more than 10,000 vehicles with its partners, it said. It will also launch an investment program worth billions of Chinese yuan, equivalent to hundreds of millions of US dollars, to establish a three-tier Robotaxi operational network covering 100 major cities, with the capacity to provide offline maintenance and support for up to 100,000 Robotaxis annually.

Editor: Kim Taylor