NEW YORK, Jan. 28, 2020 /PRNewswire/
-- Ideanomics, (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), has today announced that its MEG Group subsidiary
Qingdao Mobile New Energy Vehicle Sales Co. Ltd. has received an
initial investment of ¥50 Million RMB (approx. $7.2M US) from Qingdao Xingyang City
Investment Co., Ltd. as part of a series of investments
valuing the subsidiary at ¥2 Billion RMB (approx. $288M US).
The follow-on investments will come as the newly formed
MEG-owned sales group realizes sales targets of ¥10 Billion RMB per
additional investment tranche of 50 Million
RMB, with the full ¥200 Million RMB investment for a 10%
stake in Qingdao Mobile New Energy Vehicle Sales Co. Ltd. achieved
when gross sales reach ¥30 Billion RMB (approximately $4B US). Ideanomics had previously announced its
plans to headquarter its MEG subsidiary in Qingdao, creating a commercial EV hub to
showcase the depth of its manufacturing partner alliance to both
governmental and enterprise fleet operators.
"The investment comes at an important time, with our MEG
division ramping up operations. The investment from Qingdao's investment fund is a recognition of
our impact on the commercial EV ecosystem in China," said Alf
Poor, CEO of Ideanomics. "We have already taken in the
initial investment, and the sales targets for the full investment
will require MEG to sell around one hundred thousand units in total
EV sales across our 4 segments of Logistical Vehicles, Taxis, City
and Tour Buses, and Heavy Trucks. As the logistical vehicle market
in China alone is some 14 million
vehicles, it provides us with the size and scale to achieve those
sales' targets with a relatively minor share of the total
commercial EV market. We're thrilled to be basing our sales group
in Qingdao and having the city
participate as a stakeholder in our sales organization".
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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