NEW YORK, Dec. 11, 2019 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company") has today announced a
strategic partnership with Linghao Zhitong 3000, the leading SaaS
platform for shipping and logistics management in China. Under the terms of the agreement,
Ideanomics' Mobile Energy Global (MEG) division will be the
exclusive agent for truck purchasing and leasing services to
Linghao Zhitong 3000's growing customer base, which is currently
more than 230,000 trucks from over 1,000 fleet operators. Current
growth forecasts for Linghao Zhitong extend that number of trucks
to 300,000 for 2020 and reaching 500,000 by 2023.
The deal is focused on commercial EV enablement. However, MEG
will also provide procurement and leasing services to the
long-distance market which EV does not currently support, until
such time as charging network infrastructure and/or EV battery
technology can support the longer distance truck operators. It will
provide these extended services to ensure a complete offering to
truck operators who service both short, middle, and long-distance
logistics and will utilize both EV and combustion engine in the
short-term.
"The commercial fleet market in China has a depreciated truck replacement in
the range of between 20% - 30% per year, which means there's a
tremendous amount of cost savings and added value for our MEG
division to provide to Linghao Zhitong's 1000 plus fleet
operators," said Alf Poor, CEO of
Ideanomics. "MEG will offer these shipping and logistics fleet
operators the best truck for their specific needs, at the best
price, with the most competitive lease financing payment terms
available in the industry. We are delighted to be working with
Linghao Zhitong's team to extend the range of services available to
their fast-growing customer base of commercial fleet
operators".
As part of the agreement, MEG and Linghao Zhitong will explore
other business opportunities, including a lease financing
consortium, insurance product solutions, fractionalized ownership
programs, as well as the potential for a capital markets
partnership.
About Linghao Zhitong 3000
Linghao Zhitong 3000 is
China's leading intelligent
shipping and logistics management platform. Its SaaS-based platform
connects shipping, logistics, warehouses in almost every area of
China's and is currently
operational in a third of China's
cities. For Suppliers and Supply Chain Management companies it
offers intelligent warehouse, freight yard, and transportation
services, through live order bidding, to improve efficiency and
cost for all participants and includes unique cargo security,
driver security and other data-driven monitoring features to help
optimize warehousing, shipping, logistics, and freight
delivery.
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 key EV operating segments for Ideanomics' Mobile Energy Global
(MEG) division 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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