Ideanomics subsidiary Solectrac adds eight more certified dealers in Q1 2023, making it easier for customers to access its pioneering electric tractors

Rhea-AI Summary

Ideanomics (NASDAQ: IDEX) announced significant growth for its subsidiary, Solectrac, which added eight certified dealerships with 14 locations in Florida, Texas, and California during Q1 2023. New dealers are projected to order up to six Solectrac tractors each for demonstrations. Solectrac's revenue quadrupled in 2022 compared to 2021, reflecting strong brand strength and market presence. In response to increasing demand, Solectrac boosted production capacity by 300% and plans to introduce new product variants, including the e75 tractor. Ideanomics aims to facilitate fleet electrification through its comprehensive solutions.

Positive

• Solectrac added eight certified dealerships in Q1 2023, expanding its market presence.
• Revenue increased fourfold in 2022 compared to 2021, indicating strong growth.
• Production capacity was increased by 300% in response to growing demand.

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• None.

NEW YORK, April 4, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the adoption of commercial electric vehicles (EV), is pleased to announce that its subsidiary Solectrac is continuing with the rapid expansion of its certified sales and dealer network. During the first quarter of 2023, Solectrac added eight certified dealerships with 14 locations in Florida, Texas and California.

On average, new dealers will place an upfront order for up to six Solectrac tractors per dealer location for customer demonstrations.

"Dealerships are where the magic happens, it's where customers often get their first experience with one of our quiet, clean and powerful electric tractors," said Mani Iyer, CEO of Solectrac. "That is why I view each dealership location as an important member of the Solectrac community, and I am committed to helping them capture the hearts and minds of customers."

The strength of Solectrac's brand combined with its fast-growing national presence enabled the company to generate four times more revenue in 2022 vs. 2021.

Solectrac offers each dealership marketing and sales support including website development, resources for community engagement, aggressive sales & finance programs and other tools designed to reach and excite potential customers. With support from Ideanomics and DLL, Solectrac will continue to grow its coast-to-coast certified dealership network in the U.S.

In 2023, Solectrac expects to introduce exciting updates, including attachments, accessories and product variants to its pioneering e25 tractor, as well as begin manufacturing its e75 tractor. In response to the strong and growing demand for its products, Solectrac increased its production capacity by 300% in 2022. The company added a new assembly line to its facility in Windsor, California, and established a joint venture partnership with Nolan Manufacturing to assemble its tractors on the U.S. East Coast in North Carolina.

Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. Ideanomics is committed to supporting the growth of Solectrac and views the company's electric tractors as a flagship solution for the fast-growing, high-value and underserved agricultural industry.

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
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

FAQ

What recent developments occurred for Ideanomics subsidiary Solectrac?

Solectrac added eight certified dealerships with 14 locations in Q1 2023.

How did Solectrac's revenue perform in 2022?

Solectrac's revenue quadrupled in 2022 compared to 2021.

What are the plans for Solectrac's product offerings in 2023?

Solectrac plans to introduce new attachments, accessories, and the e75 tractor in 2023.

How many tractors do new dealerships typically order?

New dealerships typically place orders for up to six Solectrac tractors each for customer demonstrations.