NEW YORK, Nov. 25, 2019 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company"), has today announced an
agreement with Dasheng Licheng (Beijing) Financial Leasing Co., Ltd. to
provide an innovative lease financing program for AAA+-rated
state-owned entities (SOE's) and other enterprise fleet
operators.
The Electric Vehicle (EV) commercial sector differs from
traditional vehicle lease financing, which has been built on
100-plus years of residual values of combustion engine vehicles.
The battery and battery storage in electric vehicles comprise a
much higher percentage of the vehicle's overall value, both new and
used, requiring a new structure of financing to avoid imposing
increased upfront deposits on fleet operators. The agreement has
been designed with a consortium of insurance companies as investing
partners in order to make financing programs flexible enough to
meet the needs of the burgeoning EV market.
"This is a very important agreement for our MEG division, and
potentially a barrier to entry in the market for the lease
financing of large-scale commercial EV fleets," said Alf Poor, CEO of Ideanomics. "By effectively
plugging the gap between traditional lease financing and the
financing solutions required by the EV industry, through the
support of a consortium of China-based insurance companies as investors;
we have engineered an innovative solution to meet market demand at
scale. We anticipate coming to market in Q1, for those SOE's and
enterprise customers rated as AAA or better, with the benefits seen
from Q2 of 2020 forward. We're excited to be working with Dasheng
Licheng's team on rolling this program out for the benefit of our
commercial EV fleet customers and will be exploring ways to bring
this type of solution to our other markets outside of China."
The insurance company partners include China Life, China
Property Insurance, Pacific Insurance, Taiping Insurance, Ping An
Insurance, and Urtrust Insurance. These partners have committed up
to 100 Billion RMB for the Inner
Mongolia heavy duty trucks replacement project.
Ideanomics' MEG division operates in 4 key segments of
commercial EV, which 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)
its 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