Ideanomics MEG Announces Completion of Tianjin Zhongcheng Order

Rhea-AI Summary

Ideanomics (NASDAQ: IDEX) announced the completion of a vehicle order through its Mobile Energy Global (MEG) subsidiary. The order, valued at RMB 31 million (approximately USD 4.4 million), includes 42 Toyota Land Cruiser vehicles. This marks a significant milestone, as it finalizes the order process, including financing and vehicle registration. The issuance of tax invoices confirms the completion. The delivery serves as the first of several confirmations for June 2020, enhancing MEG's operations in the electric vehicle sector.

Positive

• Completion of 42 vehicle order valued at RMB 31 million (USD 4.4 million).
• Successful delivery of Toyota Land Cruiser models.
• All administrative processes (financing, licensing, insurance) completed.

Negative

• None.

NEW YORK, June 26, 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 Mobile Energy Global (MEG) subsidiary, Qingdao Ai Neng Ju New Energy Sales Company Ltd, based at its Qingdao EV hub has completed its order for Tianjin Zhongcheng Jiaye Automobile Trading Co., Ltd. (Tianjin Zhongcheng), which was recently announced on June 19, 2020.

In addition to the physical vehicle delivery, the financing, licensing, insurance, and vehicle registration plate administration are all complete. This allows for the issuance of PRC tax invoices, which can only be issued when an order is complete in its entirety. MEG has issued a tax invoice to Tianjin Zhongcheng finalizing the completion of this order.

As a recap, the order is for a total of 42 vehicles valued at RMB 31 Million, or USD 4.4 Million, or approximately USD 100,000 per vehicle. The order was fulfilled with Toyota Land Cruiser models and delivery was completed in the past few days.  Images included in the press release are examples of the tax remittances with the bank account numbers redacted. The VIN numbers for all 42 vehicles are:

JTMHV01J4L5051276, JTMHV01J7K4282046, JTMHV01J7K5046328, JTMHV01J7K5047446, JTMHV01J7K5047835, JTMHV01J8K5047455, JTMHV01J8K5047536, JTMHV01J9K4285157, JTMHV01J9K5046377, JTMHV01J9K5046413, JTMHV01J9K5048503, JTMHV01JXK5046713, JTMHV01JXK5047473, JTMHV01JXK5048591, JTMHV01J6K5048507, JTMHV01J7K5048449, JTMHV01J7K5048533, JTMHV01J7K5048564, JTMHV01J0K4283720, JTMHV01J0K5045148, JTMHV01J0K5045599, JTMHV01J0K5046266, JTMHV01J0K5047031, JTMHV01J1K4281314, JTMHV01J1K4285511, JTMHV01J1K5045532, JTMHV01J1K5046759, JTMHV01J1K5047362, JTMHV01J1K5048446, JTMHV01J2K4281189, JTMHV01J2K5045426, JTMHV01J2K5046219, JTMHV01J2K5046902, JTMHV01J3K4286188, JTMHV01J3K4289088, JTMHV01J3K5044124, JTMHV01J9K5048386, JTMHV01JXK5045321,JTMHV01JXK5046324, JTMHV01J8K4288311, JTMHV01J9K5048436, JTMHV01J9K5048534

This most recent delivery will serve as the first of several order and delivery confirmations for the month of June 2020.

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 significance of Ideanomics completing the Tianjin Zhongcheng order?

The completion of the order signifies successful operations for Ideanomics' Mobile Energy Global (MEG) subsidiary and enhances its positioning in the electric vehicle market.

How many vehicles did Ideanomics deliver to Tianjin Zhongcheng?

Ideanomics delivered a total of 42 Toyota Land Cruiser vehicles to Tianjin Zhongcheng.

What was the total value of the vehicle order from Tianjin Zhongcheng?

The total value of the vehicle order was RMB 31 million, equivalent to approximately USD 4.4 million.

When was the vehicle order from Tianjin Zhongcheng announced?

The order was announced on June 19, 2020, and completed shortly thereafter.

What are the next steps for Ideanomics after completing this order?

The completed order is the first of several expected confirmations for June 2020, indicating ongoing business activities.