Tree Technologies Inks Deal To
Supply 200,000 E-Motorbikes To Indonesia
Multi-year deal sees a minimum of
10,000 units in 2021
- Up to 90,000 units in 2022
- Up to 100,000 units in 2023
- Total deal value is US$274m
SELANGOR, Malaysia, April 14, 2021 -- InvestorsHub
NewsWire -- Tree Technologies Sdn Bhd (Treeletrik), a
Malaysian home-grown electric vehicles (EV) maker with a presence
in the ASEAN market and a subsidiary of Ideanomics (NASDAQ: IDEX),
has signed a partnership to supply 200,000 units of its 100%
electric motorbikes to Indonesia, via distributors, PT Pasifik
Sakti Enjiniring and the Nahdatul Ulama Board (PBNU). The
partnership extends Treeletrik's regional presence as a key player
in promoting electric mobility, supporting ASEAN's energy
transition agenda.
The partnership positions Malaysia as a key EV
manufacturer and first regional supplier to export units in ASEAN,
in line with the region's evolving energy landscape. The region's
ultimate goal of decreasing the level of final energy consumption
in the road transport sector by 2040 paves the way for EV makers
like Treeletrik to continue building a progressive EV
ecosystem.
Commenting on the Cooperation Agreement signing with PT Pasifik
Sakti Enjiniring, Treeletrik CEO, Datuk Viswananthan Menon said,
"Treeletrik is a pioneer in bringing true electric motorbikes
from Malaysia to the ASEAN region and beyond,
spearheading a new way of mobility. We are thrilled to further our
efforts on the regional stage through this partnership with PT
Pasifik Sakti Enjiniring and PBNU in Indonesia to provide
a transportation option that is clean, safe, and affordable, with
our advanced EV technology. Our 100% electric motorbikes offer
customers long-term cost savings and more importantly contribute
towards an overall positive impact to the environment."
The agreement spanning three years, will see Treeletrik supply
electric motorbikes to be jointly marketed by PT Pasifik Sakti
Enjiniring and PBNU for the Indonesian market. PT Pasifik Sakti
Enjiniring which operates the electric motorbikes brand, MOLINUS
(Motor Listrik Nusantara), will now add Treeletrik's 100% electric
motorbikes to its portfolio. A joint venture is also in the
pipeline between Treeletrik and PT Pasifik Sakti Enjiniring to
establish an assembly plant in Indonesia in anticipation
of growing demand for the electric motorcycles. The move will serve
as a positive boost to Indonesia's economy through talent
development, job opportunities and technology transfer.
The new electric motorbike range, certified
in Europe and Malaysia with UNECE WP.29, will
feature Treeletrik's signature quick swap lithium battery
technology. With an average speed of 65-90 km/hour, the
e-motorbikes have a travel range of 85 to 120 km. Aligned with the
Indonesian government's program concerning the Acceleration of the
Battery-Based Electric Motor Vehicle Program, the Indonesian
parties are optimistic about demand and set sales targets at 10,000
units for the year 2021 and completing the 200,000 units by end of
2023. The full agreement will be disclosed via an 8-K filing.
Positioned for growth
Treelektrik's newest regional distribution partnership taps
into Indonesia's large population of motorbike users, a
positive growth indicator for the brand. Treeletrik's portfolio of
electric motorbikes and electric commercial vehicles seek to
redefine the EV industry and future of mobility
in Malaysia and ASEAN.
In preparation to fulfil its growing order books, the company is
investing in its assembly, production, and marketing facilities,
initially in Selangor, Malaysia and later at a new
facility in Gebeng, Pahang in Malaysia. It also plans to
establish an assembly plant in Indonesia, in conjunction with
the distribution partner, to streamline supply chain efficiencies
and improve margins through local assembly in markets with
sufficient demand.
Electric powered innovation
Treeletrik's approach to mobility eliminates the need for fossil
fuels and oil changes, resulting in zero carbon dioxide (CO2)
emissions. Additionally, Treeletrik e-motorbikes offer users long
term cost saving benefits, saving users above 50% in daily running
and maintenance cost. The e-motorbikes can travel up to an estimate
of 80 to 120 km daily (Averaging 70,000 kilometers over 36 months)
and costs RM0.01 (one sen) to RM0.02 (two sen)
to run per km, based on the Tenaga Nasional electricity rate
at RM0.571 / KwH charging at its highest tariff.
Fulfilling demand for EV
Determined to help raise the bar for electric mobility in ASEAN
countries, Treeletrik continues to receive positive demand for its
100% electric motorbikes. The EV player began exporting an
estimated 50 units of electric motorbikes
to Thailand and Indonesia in 2020, with an
additional 15,000 units due to be exported this year. Other markets
Treeletrik is eyeing as potential customers include The
Philippines and Cambodia.
"The sizeable orders secured to date and ongoing discussions
with other countries expressing keen interest on Treeletrik's
e-bike range, will result in significant expansion in
both Malaysia and international operations of
Treeletrik." added Menon.
Ideanomics acquired 51% ownership of Treeletrik in 2019. The
company has since begun organizing itself for growth in the ASEAN
region to tap the region's heavy reliance on two- and three-wheeled
transportation.
About Tree Technologies Sdn. Bhd.
Tree Technologies Sdn Bhd, owns the EV brand Treeletrik, and is a pioneer company to bring a
true road legal electric motorbikes to Malaysia. The company
provides transportation options that are clean, safe and
affordable, with advanced technology, EV innovations and minimal
maintenance. Treeletrik is licensed to manufacture all kinds of EV
products from MITI.
In March 2019, Ideanomics acquired a controlling stake in
Tree Technologies Sdn Bhd. The combined organisation accelerates
the adoption and affordability of EV production, extending
Treeletrik's portfolio from EV mopeds and bikes to EV buses, trucks
and cars. The expanded vehicle product line serves the 650 million
people in the ASEAN region
including Malaysia, Thailand, Indonesia, Cambodia, Vietnam, Philippines, Laos, Singapore,
and Brunei.
https://www.treeletrik-ev.com
About Ideanomics
Ideanomics is
a global company focused on the convergence of financial services
and industries experiencing technological disruption. Our
Ideanomics Mobility division is a service provider which
facilitates the adoption of electric vehicles by commercial fleet
operators through offering vehicle procurement, finance and
leasing, and energy management solutions under our innovative sales
to financing to charging (S2F2C) business model. Ideanomics Capital
is focused on disruptive fintech solutions for the financial
services industry. Together, Ideanomics Mobility and Ideanomics
Capital provide our global customers and partners with leading
technologies and services designed to improve transparency,
efficiency, and accountability, and our shareholders with the
opportunity to participate in high-potential, growth
industries.
The company is headquartered in New York, NY, with offices
in Beijing, Hangzhou, and Qingdao, and operations in
the U.S., China, Ukraine, and Malaysia.
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
Richard Ho
Tree Technologies Sdn Bhd
richard.ho@treeletrik-ev.com
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
ir@ideanomics.com
Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com
Jeremy Ertl
Skyya PR
jeremy@skyya.com
SOURCE Treeletrik
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