Ideanomics subsidiary Energica Motor Company achieves a 52% increase in global unit sales in 2022 vs. 2021

Rhea-AI Summary

Ideanomics subsidiary Energica Motor Company reported a significant increase in sales for 2022, with global unit sales rising approximately 52% and motorcycle revenues up by 67% compared to 2021. The company noted a 70% increase in future orders for 2022, particularly for the new Experia sport-tourer. Energica is also entering the lucrative Japanese and Australian markets, with motorcycles expected to arrive in Q1 2023. Furthermore, the company aims to enhance its dealer network, which has grown to 135 locations worldwide.

Positive

• Global unit sales increased by 52% in 2022.
• Motorcycle revenues rose by 67% compared to 2021.
• Future orders are up 70% for all models in 2022.
• Expansion into Japanese and Australian markets expected in Q1 2023.
• Dealer network increased to 135 locations worldwide.

Negative

• None.

• Future orders in 2022 for all models are up 70% vs. last year. The volume of orders for the Experia Green Tourer already equals half of all 2022 sales. 
• Compared to last year, Energica revenue from worldwide motorcycle sales is almost up 70%.
• Entry into the high-value Japanese and Australian markets, with the first motorcycles arriving in Q1 2023.

NEW YORK, Jan. 19, 2023 /PRNewswire/ -- Ideanomics subsidiary Energica Motor Company, a leading brand of electric motorcycles and system integration for EVs, has reviewed 2022 turnover estimates which show unit sales up approximately +52% and motorcycle revenues +67% compared to the same period of 2021. The company also reports a substantial increase in Pre-Sale Orders across the product range, especially for the new Experia sport-tourer.

Ideanomics subsidiary Energica Motor Company achieves a 52% increase in global unit sales in 2022 vs. 2021.

Livia Cevolini, CEO of Energica Motor Company, says:
"Thanks to the significant investments and strategy made together with Ideanomics, I am proud to confirm that Energica's 2022 performance shows we are becoming established as a leader in the EV market.

"Our success is ultimately a reflection of our customers' belief that Energica makes the best electric motorcycles on the market. I am incredibly proud and honored by the great feedback Energica received in the first half of the year, especially with the launch of the Experia. With Experia, Energica is rewriting the rules of two-wheeled electric mobility."

Energica's management is looking forward to continuing the momentum into 2023. A cornerstone of the company's long-term success will be Energica Inside, which partners with other OEMs to solve fleet electrification challenges.  Energica has unique know-how in extremely complex electric automotive engineering, enabling all high-voltage battery engineering to be performed in-house. Software, firmware, hardware, and style engineering are also conducted in-house. Energica Inside is now in advance talks with two-wheeler, agriculture and marine OEMs.

Last year, Energica Inside signed a commercial agreement with electric tractor manufacturer Solectrac, another Ideanomics subsidiary, to provide battery pack development, Vehicle Control Unit (VCU) development, and prototype assembly and testing. 

Stronger unit sales were enabled by the company's fast-growing certified dealer network. In 2022, Energica added 15 certified dealers in the U.S. and 33 new certified dealers across the rest of the world. Ideanomics enabled the US dealer growth. New additions in January 2023 brought the total of Energica dealers and importers worldwide to 135 locations. Further expansion is planned for 2023. 

Energica's delivery of 88 Energica EsseEsse9+ motorcycles to the Indonesian National Police for use during the G20 Bali Summit resulted in increased interest in Energica motorcycles from police forces worldwide. The new Experia sport-touring bike is seen as ideal for police use due to its superior weather protection, low-speed handling and the longest range of any electric motorcycle.

Robin Mackie, President of Ideanomics Mobility, says:
"Ideanomics provided Energica with the proper strategic guidance and resources to transform from a pioneering startup with a rich racing history into an industry leader.

One of the foundational projects we are progressing together is accelerating manufacturing. Together, we are in the process of doubling Energica's headquarters and assembly footprint, as well as installing advanced automation solutions. The result will be more high-performance motorcycles reaching dealers and customers faster."

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.

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

Energica Motor Company S.p.A.

Davide Palumbo
dpalumbo@energicamotor.com

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SOURCE Ideanomics

FAQ

What was Energica's unit sales growth in 2022?

Energica achieved a 52% increase in global unit sales in 2022 compared to 2021.

How much did motorcycle revenues increase for Energica in 2022?

Motorcycle revenues for Energica rose by 67% in 2022 compared to the previous year.

What markets is Energica entering in 2023?

Energica is entering the Japanese and Australian motorcycle markets in Q1 2023.

How much did future orders increase for Energica in 2022?

Future orders for Energica are up 70% across all models for 2022.

How many certified dealers does Energica have globally?

Energica has expanded its dealer network to 135 locations worldwide.