Ideanomics MEG Announces a 400 Unit EV Order from Jiudao Group

Rhea-AI Summary

Ideanomics (IDEX) announced that its subsidiary, Mobile Energy Global (MEG), received an order for 400 electric logistic vehicles from Jiangsu Journey Network Technology Co., Ltd (Jiudao Group), valued at RMB 36 million (approximately USD 5.1 million). Jiudao Group operates in over 100 cities in China, specializing in EV rentals and charging solutions. The order will utilize Aoxin X30L models, with delivery expected by the end of June, subject to final negotiations. This development underscores Ideanomics' commitment to the growing electric vehicle market in China.

Positive

• Secured an order for 400 electric vehicles valued at RMB 36 million (USD 5.1 million).
• Strengthens presence in the Chinese electric vehicle market through Jiudao Group, which operates in over 100 cities.

Negative

• Delivery timeline dependent on final negotiations, financing, and government licensing, which could introduce uncertainty.

NEW YORK, June 17, 2020 /PRNewswire/ -- -1%26h%3D3496217845%26u%3Dhttp%253A%252F%252Fwww.ideanomics.com%252F%26a%3DIdeanomics&a=Ideanomics" rel="nofollow">Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce that its subsidiary Mobile Energy Global (MEG) has secured an order from Jiangsu Journey Network Technology Co., Ltd (Jiudao Group) for electric logistic vehicles. Operating in over 100 cities in China, Jiudao Group is a new energy transportation services provider offering passenger and commercial electric vehicle (EV) rentals and EV charging solutions with an integrated payment platform.

The order is for a total of 400 EVs and valued at RMB 36 Million, or USD 5.1 Million. It will be fulfilled with Aoxin X30L models and, subject to final negotiations with manufacturers, financing, government licensing, etc., delivery of EVs to Jiudao Group is expected to be completed by the end of June.

About Ideanomics
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.

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
Tony Sklar, VP of Communications
55 Broadway, 19^th Floor New York, New York 10006
Email: ir@ideanomics.com

 

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SOURCE Ideanomics

FAQ

What is the recent order announced by Ideanomics (IDEX)?

Ideanomics announced an order for 400 electric logistic vehicles from Jiangsu Journey Network Technology Co., Ltd, valued at RMB 36 million (approximately USD 5.1 million).

Who is Jiangsu Journey Network Technology Co., Ltd?

Jiangsu Journey Network Technology Co., Ltd, also known as Jiudao Group, is a new energy transportation services provider operating electric vehicle rentals and charging solutions in over 100 cities in China.

When is the expected delivery date for the EVs ordered by Ideanomics (IDEX)?

The delivery of the EVs is expected to be completed by the end of June, subject to final negotiations and licensing.

What kind of vehicles is Ideanomics (IDEX) supplying to Jiudao Group?

Ideanomics is supplying Aoxin X30L models as part of the order for 400 electric logistic vehicles.