NEW
YORK, Oct. 4, 2022 /PRNewswire/ --
Ideanomics (Nasdaq: IDEX), a global company focused on
accelerating the commercial adoption of electric vehicles (EV),
today announced that its subsidiary Solectrac secured significant
new business-to-business contracts to supply electric tractors to
customers operating large fleets. Solectrac has provided a combined
total of 17 powerful, zero-emission and quiet e25 tractors to the
University of California Agriculture
and Natural Resources and a leading private sector plant
nursery.
"Our sustained investment to grow the Solectrac brand means that
right now we are uniquely positioned to meet the big orders for
electric tractors from large fleet operators," said
Robin Mackie, Ideanomics Mobility president. "This is an
important, new revenue stream for us, building on the strong value
already coming from the fast-growing Solectrac dealer
network."
Capitalizing on momentum, Solectrac is pursuing several
high-value opportunities to supply its tractors to leading
agricultural companies. These large volume sales will be conducted
directly with customers or collaborating with Solectrac dealers.
Solectrac targets specialty agriculture, parks, municipalities and
university market segments for direct sales.
The Association of Equipment Manufacturers (AEM), an
industry group tracking retail tractor sales, reports that tractor
sales with less than 40 PTO hp exceeded 127,000 units so far this
year*. Solectrac offers the e25g in the under 40 PTO hp category.
Solectrac electric tractors do everything equivalent to a diesel
tractor except better with zero pollution from burning expensive
diesel fuel.
The combination of government incentives, volatile diesel fuel
costs and corporate commitments to climate actions will accelerate
the growth of electric machinery in the off-road market. Ideanomics
anticipates a significant rise in market share of electric tractors
in a segment forecasted by Zion Research Investment and other firms
to exceed $100 billion before decades
end.
Solectrac is ready to grow its industry-leading position. The
Solectrac brand will introduce a new model in 2023, and Ideanomics
has invested in new facilities and partnerships to enhance
manufacturing, assembly and distribution capabilities
significantly. Recently, Solectrac introduced its
SolecSave app, offering customers total cost of ownership
data, environmental statistics, and a way to find incentive
programs in their locations.
Ideanomics is solving the complexity of fleet electrification by
bringing together high-performance electric vehicles, charging
infrastructure and financing solutions under one roof. The Company
views Solectrac's electric tractors as a flagship solution for the
fast-growing, high-value off-road vehicle market.
*Association of Equipment Manufacturers, Ag Tractor and
Combine Report, August 2022
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating
the commercial adoption of electric vehicles. By bringing together
vehicles, charging, and financing solutions under one roof, we are
the one-stop partner needed to simplify the transition to and
operation of any EV fleet. To keep up with Ideanomics, please
follow the company on social @ideanomicshq or
visit https://ideanomics.com.
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.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
Theodore Rolfvondenbaumen, Communications Director
Trolfvondenbaumen@ideanomics.com
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SOURCE Ideanomics