NEW YORK, May 6, 2019 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company"), a global Fintech and AI
catalyst for transformative industries, today announced the signing
of a MoU with Beijing Foton Motor Company ("Foton"), which will
serve as a pre-cursor to a definitive agreement, to allow the two
parties to begin working immediately.
The agreement for China-based
activities is a 2-year deal, at 5 Billion
RMB (approximately $750
Million) per year, making the overall deal valued at
10 Billion RMB (approximately US
$1.5 Billion). Ideanomics will
provide ABS lease financing of 10 Billion
RMB over two years, and fulfill with for Foton on orders of
60,000 EV buses, broken down as follows: 1) not less than 20,000
vehicles from state-owned large-scale tourism groups and referred
to as "Tourist bus orders"; 2) no less than 20,000 bus orders from
local governments or local bus transportation systems; 3) no less
than 20,000 Tourist bus orders from major domestic tourism
associations and/or their members. Furthermore, for bus orders
introduced by Ideanomics, a commission will be paid for each bus
unit sold, at an amount to be determined according to each
respective order.
For Malaysia-based activities,
including cooperation for the extended ASEAN region, the supply of
bus parts and systems, including EV batteries, and a cooperation on
the implementation of a charging network, for which Ideanomics
shall source no less than 6,000 vehicles from the Malaysian central
government and its departmental agencies including EV buses and
Police passenger vehicles (cars and motorcycles). For orders within
Malaysia and the ASEAN region,
Ideanomics shall be entitled to commission per unit sold, at an
amount to be determined according to each respective
order.
For Vietnam-based activities,
Ideanomics shall source no less than 20,000 vehicles, both EV Bus
and passenger car for e-taxi conversion, with Foton making
available its 30,000-part bus system and technology for assembly in
Vietnam. The agreement allows for
negotiations with the Vietnam
state electrical grid, to introduce a national charging
network.
The agreement also allows for projects in other geographical
areas, including Europe and the
Americas, on a project-by-project basis.
"We are very grateful for the efforts of Dr. Wu, Avis Zhu and the entire China-based Ideanomics team, with support from
our colleagues at Treeletrik in Malaysia, for successfully delivering on this
deal. Foton is arguably the premier EV bus manufacturer globally,
and this agreement positions us to further consolidate our position
as a global EV advisory services company, as well as enable us to
expand our footprint beyond China
with the leading EV bus product available today. The fact Foton
promoted signing a MoU, to allow the parties to begin activities
immediately while the broader definitive agreement is signed, is
testament to our growing reputation as the advisory partner of
choice for large-scale EV initiatives in Asia," said Alf
Poor, CEO of Ideanomics.
Beijing Foton's commercial division is focused on building a
future of efficient and environmentally friendly EV Buses and other
commercial vehicles, as a vehicle manufacturer. Ideanomics is
leading the way for the future of ABS financing, technology
enablement with the application of blockchain and artificial
intelligence technologies as part of the next-generation of
financial services," said Mr. Liang Shaowen, of Beijing Auto Foton
Commercial Vehicle. "Together, Foton and Ideanomics will seize upon
the opportunity of large-scale EV and Hydrogen replacement of
public and private transportation infrastructure in major markets
and the same time raise the standard for technologically advanced
vehicles which offer dependability, reliability and improved
customer satisfaction. This, coupled with compelling, economically
viable, financing programs for the cities and bus operators that
manage these fleets will serve a much-needed gap in the
market."
About Foton
Foton Motor Group was established on
August 28, 1996 and is headquartered
in Beijing, China. With a business
scope covering a full series of commercial vehicles including
medium and heavy-duty trucks, light-duty trucks, vans, pickups
buses, and construction machinery vehicles. It has accumulative
production and sales volume of approximate 9,000,000 vehicles.
Foton Motor Brand value has been evaluated at about US$ 16.6 billion, ranking NO. 1 for 14
consecutive years in China's
commercial vehicle field.
About Ideanomics
Ideanomics is a global Fintech
and AI catalyst for transformative industries. Ideanomics combines
deal origination and enablement with the application of blockchain
and artificial intelligence technologies as part of the
next-generation of financial services.
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 at
Ideanomics
55 Broadway, 19th Floor New
York, New York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
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