Energica Motor Company Announces Additional U.S. Dealers in Network Expansion, Increasing Dealer Base to Meet Demand of the Wider U.S. Electric Motorcycle Enthusiasts

Rhea-AI Summary

Energica Motor Company announced the expansion of its dealer network to 20 locations in the U.S., facilitated by Ideanomics, which is increasing its ownership stake from 20% to approximately 70%. Energica saw a global sales growth of 91% in 2020, and is on track to meet its goal of doubling its dealer network by 2022. The recent addition of six dealers in states including Colorado and Hawaii reflects strong demand, with pre-orders being taken for nearly all incoming bikes. Energica plans continued growth driven by rigorous dealer selection.

Positive

• Expansion of dealer network to 20 locations enhances market presence.
• Ideanomics increasing ownership stake from 20% to approximately 70% indicates confidence in Energica's growth.
• 91% global sales growth in 2020 highlights strong demand for Energica motorcycles.
• Pre-orders for nearly all U.S. motorcycles demonstrate high demand.

Negative

• None.

NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Energica Motor Company S.p.A. (Energica), a leading manufacturer and distributor of high performance 100% battery-powered electric motorcycles, today announced it had expanded its network to 20 dealers in the U.S. Energica motorcycles are manufactured in the heart of the Italian Motor Valley incorporating state-of-the-art, race-derived technology. Ideanomics (NASDAQ: IDEX), (the Company) a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, is in the process of increasing its ownership stake in the company from 20% to approximately 70%.

Thanks to Ideanomics' support, the Energica brand brings the most advanced electric motorcycles on the market to an even wider audience of U.S. motorcycle enthusiasts. Energica experienced global sales growth of 91% in 2020, and as sales continue to increase in 2021, additional retail points will propel this beloved Italian brand to success in America.

On September 20, 2021,the Company stated that Energica would double its dealer network by 2022, and today the Company confirms they are moving towards achieving that goal. As of today, Energica has 14 active dealers and has recently inked contracts with 6 more in Colorado, Hawaii, New Mexico, New York, Ohio, and Washington.  This most recent expansion progresses their efforts to bring more U.S. dealers into the pipeline after recently adding two locations in Wisconsin.

"The demand for Energica bikes has been so high that dealers are currently taking pre-orders and virtually every bike that enters the U.S. is spoken for," said Stefano Benatti, U.S. CEO of Energica. "Our two most recent dealer additions are our first to represent Energica in the very important mid-West market - Tytlers Cycle and Moto Union - both located in Wisconsin.  Over 2.7 million riders are in the mid-West region, of which 308,000 are in Wisconsin. Interestingly, Wisconsians are especially devoted to riding as they have the highest number of riders per capita in the mid-West and are much more likely to ride than either New York or California residents according to the Motorcycle Industry Council. By expanding our dealer network using very rigorous selection criteria, we are exceeding our growth goals and are excited to continue that trajectory in 2022 and beyond."

"Energica motorcycles are a great step forward for the motorcycling community," says Michael Kiley, principal and owner of Tytlers Cycle and Moto Union. "After watching Larry Pegram ride an Eva Ribelle around Road America at top speed using just a little more than 1% of the battery range per lap – I think the world has had its eyes opened to the range potential of these bikes." Kiley adds that "you've heard the phrase Tesla builds an electric vehicle that happens to be a car and others build cars that happen to be electric. Energica builds a fantastic motorcycle that happens to have all the advantages of electric. Energica is advancing and growing motorcycling at the same time."

The current U.S. dealer network where customers can order or pre-order an Energica motorcycle today are as follows:

1. CalMoto, CA
2. Pro Italia, CA
3. Moto Club, CA
4. Yamaha Sports Plaza, OR
5. AF1 Racing, TX
6. Hudson Valley, NY
7. Team Powersports, NC
8. CycleMax, MD
9. Euro Cycles of Orlando, FL
10. Euro Cycles of Tampa, FL
11. Euro Cycles of Daytona, FL
12. Energica Of New England, MA
13. Tytlers Cycle, WI
14. Moto Union, WI

About Energica Motor Company S.p.A.
Energica Motor Company S.p.A. is the world's leading manufacturer of high-performance electric motorcycles and the sole manufacturer of the FIM Enel MotoE™ World Cup. Energica motorcycles are currently on sale through the official network of dealers and importers.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The 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 an 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 global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and offer shareholders the opportunity to participate in high-potential growth industries.

For additional information and news on other Ideanomics subsidiaries please visit https://ideanomics.com.

Contacts:

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018  
ir@ideanomics.com

Malory Van Guilder, Skyya PR for Ideanomics
malory@skyya.com 

 

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SOURCE Ideanomics

FAQ

What is the current dealer network status for IDEX's Energica?

Energica has expanded its dealer network to 20 locations in the U.S.

How much is Ideanomics increasing its stake in Energica?

Ideanomics is increasing its ownership stake in Energica from 20% to approximately 70%.

What was Energica's sales growth percentage in 2020?

Energica experienced a global sales growth of 91% in 2020.

Is there high demand for Energica motorcycles?

Yes, virtually every motorcycle entering the U.S. is pre-ordered.

Where have the new Energica dealers recently opened?

New Energica dealers have opened in Colorado, Hawaii, New Mexico, New York, Ohio, and Washington.