NEW YORK, Nov. 27, 2019 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced
an additional 20bn RMB, as part of a
follow-on tranche of 100Bn RMB, to be
available to Qilu Transportation Group via Dasheng Licheng
(Beijing) Financial Leasing Co.,
Ltd with participating capital from China Life, China Property
Insurance, Pacific Insurance, Taiping Insurance, Ping An Insurance,
and Urtrust Insurance.
As detailed in our previous announcement, 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.
"We are extremely pleased to announce this additional tranche of
financing, on the back of the earlier announcement of our
initiative with Dasheng Licheng and the consortium of insurance
company partners," said Alf Poor,
CEO of Ideanomics. "Qilu Transportation is a very important group
in terms of EV enablement, not only for EV buses, but also as a
developer of infrastructure services, including smart roads as seen
in their initiative in the city of Jinan
[https://www.chinadailyhk.com/articles/133/159/141/1523527113405.html]
. It has an A3 rating with Moody's, making it exactly the type of
customer demographic we are targeting within our MEG division to
support our Dasheng Licheng lease financing partnership."
Ideanomics' MEG division operates in 4 key segments of
commercial EV, which are off-the-road Heavy Duty commercial (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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