NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced
that its Mobile Energy Global (MEG) division has secured an order
for 2,300 EV Taxis from the City of Guilin, in Guanxi province
though MEGs partner QuianXi.
Delivery of the EV taxis will commence in the first half of
2020. China has been encouraging
its provincial governments to adopt blue sky environmental
regulations which supports the adoption of clean energy vehicles,
particularly those with high energy usage such as the commercial
vehicle sector.
"This deal comes on the back of our recent orders in
Yunnan province and the city of
Chengdu, Sichuan, and is part of our progression into
other provinces," said Alf Poor, CEO
of Ideanomics. "Taxis are a prime target market, as the need for
conversion to EV is easy to understand and implement by local
authorities. Our S2F2C model to support the EV programs is being
well received. We're excited to get the program underway in Guilin
and look forward to expanding our relationship with the city and
province."
Many in China have been quick
to identify taxis as a significant segment of fossil fuel
consumption, and have encouraged regional taxi commissions, and
their licensed operators, to convert over to electric vehicles
through a mixture of legislation and rebate incentives. Taxis is
one of the four key revenue segments for MEG, which is also
developing innovative umbrella financing solutions to help
streamline the adoption of EV by commercial fleet operators. MEG's
key EV operating segments are Heavy Duty commercial, for closed
area environments, such as Mining, Steel Mills, Airports, and
Seaports, Light commercial last-mile logistics vehicles, Buses and
Coaches, and Taxis.
About Ideanomics
Ideanomics is a global
Financial Technology (Fintech) company for transformative
industries. Ideanomics combines deal origination and enablement
with the application of technologies such as artificial
intelligence, blockchain, and others as part of the next-
generation of smart financial services. Our projects in New Energy
Vehicle markets, Fintech, and advisory services provide our
customers and partners better efficiencies, technologies, and
access to global markets. The Ideanomics Mobile Energy Global (MEG)
key EV operating segments are Heavy Duty commercial, for closed
area environments, such as Mining, Steel Mills, Airports, and
Seaports, Light commercial last-mile logistics vehicles, Buses and
Coaches, and Taxis.
The company is headquartered in New
York, NY, and has offices in Beijing, China. It also has a planned global
center for Technology and Innovation in West Hartford, CT, named Fintech Village.
Safe Harbor Statement
This press release contains
certain statements that may include "forward looking statements".
All statements other than statements of historical fact included
herein are "forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these
forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
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SOURCE Ideanomics