Ideanomics, Energica secure third-party financing to accelerate the growth of Energica's U.S. dealer network
Ideanomics (NASDAQ: IDEX) announced the expansion of its subsidiary Energica with 24 certified dealers in the U.S., accounting for 33% of its product sales. This growth was facilitated by strategic third-party financing, allowing Energica to double production and introduce new models. The manufacturing facility can produce up to 2,000 units yearly, supporting plans for an additional 10 dealers in 2023. Energica has seen a 78% increase in motorcycle sales year-to-date, bolstered by a robust order backlog for its Experia model and supply contracts with fleet operators.
- Energica has expanded to 24 certified dealers in the U.S., contributing 33% of sales.
- Increased production capacity to 2,000 units per year supports growth.
- Energica sales have surged by 78% year-to-date compared to 2021.
- New strategic third-party financing enables accelerated growth and dealer expansion.
- None.
NEW YORK, Nov. 30, 2022 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Energica now has 24 certified dealers in the United States, which accounts for
"This is a validation of our brand and products," says Ideanomics Mobility president, Robin Mackie. "In less than a year, Energica has doubled its production, introduced new models with a wider market appeal and secured its first fleet orders. With strategic third-party capital, this growth can continue even faster."
With a newly expanded manufacturing facility featuring state-of-the-art semi-automated assembly lines, Energica will soon be capable of producing up to 2,000 units per year (and even more soon after) of all four models: the Ego sportbike, the Eva Ribelle e-fighter, the EsseEsse9 retro style bike and finally the new Experia Green Tourer which has just begun production.
Motorcycles built at the Soliera facility are sold via international importers or subsidiaries, to individual Energica dealers, or in some cases, directly to customers where no dealer representation is available. The newest Energica dealers in the U.S. are Cross Country Cycles in New Jersey, with two locations, Fulgora Powersports in Orange County, California, Monarch Powersports near Salt Lake City, Utah, and South Sound Cycles in Tacoma, Washington State.
New dealers typically place an initial order of up to four motorcycles as demo units for test rides. Not only does this generate immediate revenue, but this also enables larger, long-term sales volume as dealers and customers experience the power and performance of Energica Motorcycles. In fact, some of the first certified Energica dealers have consistently seen up to 10x times the sales volume since receiving their demo bikes. In the U.S., Energica has plans to add another 10 certified dealers in 2023 and to expand to additional markets in the western hemisphere.
The combination of a fast-growing dealer network and industry-leading production capacity uniquely positions Energica to meet orders from large fleet operators, such as police fleets. Recently, Energica partnered with UTOMOCORP to supply 88 EsseEsse9+ bikes to the Indonesian National Police, and recently introduced a specialty variant of the Experia designed for police departments.
Year to date, Energica has sold
With ongoing support from Ideanomics, Energica is accelerating the disruption of the global two-wheeler market with its high-performance electric motorcycles. The company also provides its technology and expertise to other industries through its Energica Inside business unit. Ideanomics is solving the complexity of fleet electrification, offering fleet operators everything they need to electrify faster, easier and more affordably, all in one place.
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.
Northpoint Commercial Finance, with offices in Alpharetta, GA, and Burlington, ON, combines experience with advanced technologies, fresh ideas, streamlined processes, and a customer focus formed specifically for the varied financing needs and goals of each business. Northpoint's Inventory Finance solutions drive sales, enhance cash flow, and improve profitability for manufacturers and dealers. Their Asset-Based Lending solutions maximize working capital, encourage growth, and enable acquisitions, debt refinancings, recapitalizations and restructurings. More information about Northpoint and its financing solutions is available at https://northpointcf.com/asset-based-lending/.
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
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