NEW
YORK, Oct. 26, 2022 /PRNewswire/ --
Ideanomics (Nasdaq: IDEX), a global company focused on
accelerating the commercial adoption of electric vehicles (EV),
today announced that a new vehicle assembly line at the Solectrac
Windsor facility is fully operational, effectively tripling
the production capacity of the e25 electric tractor. Ideanomics can
now produce a total of 4,100 powerful, quiet and zero-emission
Solectrac tractors annually.
"When Ideanomics acquired Solectrac, we committed to growing
Solectrac's production capacity and product offerings," said
Robin Mackie, Ideanomics Mobility
president. "In less than one year, we efficiently increased
production capacity by 300% and are now selling Solectrac tractors
coast to coast across the United
States through our rapidly expanding dealer showroom
program. This is a remarkable accomplishment for any player in the
EV space."
The Windsor facility assembly
line features modern technology, enabling more efficient and safer
operations. As the only company with electric tractor assembly
facilities on the west and east coast of the U.S., Ideanomics and
Solectrac are positioned to capture a greater share of the
fast-growing market. Each facility is configured to assemble eight
Solectrac tractors per day, with the ability to quickly ramp up
assembly as needed.
In 2023, Ideanomics expects to commence assembly of the
e70N tractor at the Windsor
and Denton facilities, as well as
introduce new models to the market. Solectrac's new range of
tractors will incorporate advanced engineering and battery
technology from Energica, modular and future-forward styling from
Ideanomics Design as well as telematics and performance data from
Ideanomics Digital.
Solectrac tractors assembled at the Windsor facility can feature an
internet-connected telemetry device that collects data between
tractors and customers to improve productivity, visibility, and
maintenance. Customers can use a SolecSmart portal to remotely
adjust their tractor's settings before starting work and view
reports on their tractor's performance when the work is
complete.
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. For
example, Solectrac recently supplied 17 e25 electric tractors
to large customers in California.
The California CORE program enabled these transactions to take
place.
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.
Seventy-five people worked more than 10,000 hours to complete
the facility expansion. During construction, Ideanomics' contracted
with local vendors on everything from the installation of the
assembly line to the new electric sign. Furthermore, the
Windsor facility is powered by
solar panels supplying an average of 80kWh daily.
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. Ideanomics
expects revenue from Solectrac to double in 2023.
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
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the expected timing for the
filing of the Form 10-K, the Company's ability to regain compliance
with the Nasdaq requirements for continued listing and related
matters. These forward-looking statements are often identified by
the use of forward-looking terminology such as "believes,"
"expects," or similar expressions that involve known and unknown
risks and uncertainties. Any forward-looking statements contained
herein are based on current expectations, but are subject to risks
and uncertainties that could cause actual results to differ
materially from those indicated, including, but not limited to,
risks and uncertainties relating to the failure of the Company to
file the Form 10-K on its expected timeline and other risk factors
discussed from time to time in the Company's filings with the SEC.
These and other factors are identified and described in more detail
in the Company's filings with the SEC, including, without
limitation, the Company's most recent Form 10-K and Form 10-Q. The
Company expressly disclaims any intent or obligation to update
these forward-looking statements other than as required by
law.
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