Vancouver, British Columbia–(Newsfile Corp. – September 22, 2020) – Ideanomics (NASDAQ: IDEX), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has delivered another 203 electric vehicles in the China market during the months of July and August. These deliveries consisted of 25 heavy trucks and 178 taxi/ride-hailing vehicles.
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In addition, the company has invoiced customers for another 557 taxi/ride-hailing vehicles which will be delivered as available from the manufacturers. Due to the potential size of the market, Ideanomics, through its electric vehicle subsidiary, Mobile Energy Global or “MEG”, sources vehicles from a number of suppliers, including BYD, Nissan, Kia, Geely, and Chery to ensure it can meet both cost and delivery requirements.
MEG also provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as providing financing and charging solutions. In May, the company launched the one million square foot MEG Center, largest auto trading market in Qingdao, Shandong Province, China, with a capacity of 18,000 vehicles, and hosting a full suite of car dealer services.
Although Ideanomics is not an electric vehicle manufacturer, it does own a controlling interest in Malaysia-based Treeletrik, an approved EV manufacturer and distributor for Malaysia. Treeletrik will drive ASEAN commercial EV sales leveraging Chinese manufacturing advantages.
The company reported revenues of $4.7 million for the 3 months ended June 30, 2020, a significant increase over the $378,000 reported in the previous quarter ended March 31, 2020. The company expects quarter-over-quarter growth in both the 3rd and 4th quarters. It also strengthened its cash position, ending the quarter with $36 million.
Alf Poor, CEO, stated: “We are very pleased with the pace of our sales growth in the new energy vehicle industry. As the rate of global electric vehicle (EV) adoption continues to rise and technology advancements make EVs more accessible, our Sales to Financing to Charging (S2F2C) business model is positioned to add value for commercial fleet operators in all areas of their business.”
Through Ideanomics Capital, the company provides fintech solutions that include intelligent and innovative financial services and solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital, provide their global customers and partners with more efficient solutions for a greener economy.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China. For more information, please visit the company’s website www.ideanomics.com, contact Tony Sklar, VP of Communications, by email at [email protected].
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