Ideanomics' subsidiary Solectrac announces an exciting new addition to its lineup of top-selling e25 electric tractors

Rhea-AI Summary

Ideanomics (NASDAQ: IDEX) announced the launch of the new e25H electric tractor by its subsidiary Solectrac on April 6, 2023. This tractor features a hydrostatic transmission and is set to enhance operational performance with zero emissions. The e25H is slated for orders in the second half of 2023, joining the currently available e25G. Solectrac's production capacity has tripled since last year, during which it sold a record 350 e25 tractors. The company continues expanding its dealer network across the U.S., supported by financing from Ideanomics and DLL. To assist customers, Solectrac offers the SolecSave app, which outlines the total cost of ownership compared to diesel tractors and available incentives. Ideanomics aims to streamline the transition to electric vehicles through comprehensive solutions for fleet electrification.

Positive

• Launch of the new e25H electric tractor enhances product lineup.
• Solectrac sold a record 350 e25 tractors last year.
• Tripled production capacity and expanded dealer network.
• SolecSave app aids customer transition to electric tractors.

Negative

• None.

NEW YORK, April 6, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Solectrac has debuted a new version of its pioneering e25 electric tractor featuring hydrostatic transmission, a mid-PTO and independent PTO operation. Called the e25H, it will be available for order in the second half of 2023 along with the currently available e25G.

"Solectrac was built on a simple idea—Americans who make a living working the land deserve better than noisy, polluting tractors powered by combustion engines. The success of the e25 shows that our premise is right," says Mani Iyer, Solectrac CEO. "Now, we are going to make our industry-leading e25 electric tractor even better with key updates, so our customers can enjoy all the optionality and utility of an equivalent hydrostatic transmission diesel tractor with much less noise and zero pollution."

The e25H is a powerful, quiet and zero-emission electric tractor that offers the independent operation of the PTO as well as the option to have a mid-mount mower. It will provide customers with easy direction changes at the touch of a pedal, enhanced operational performance and the ability to use additional front and mid-mounted implements.

The e25H will be assembled at Solectrac's Windsor facility in California and in North Carolina through Solectrac's joint venture with Nolan Manufacturing. Solectrac plans to offer the tractors through direct order and Solectrac's nationwide dealer network. The e25H unit was successfully tested with the use of a loader, backhoe and rear PTO operation with a rotary cutter.

Earlier this year, Solectrac also revealed an updated concept of its e75N tractor at the World Ag Expo. The company expects to begin production of the e75N later in the second half of 2023.

Last year, the company sold a record-setting 350 e25 electric tractors. Solectrac has tripled its production capacity and established a nationwide, coast-to-coast network of certified dealers. With support from Ideanomics and DLL, Solectrac will continue to expand its dealer network.

To help customers transition to electric tractors faster, easier and more affordably, Solectrac's SolecSave app provides a total cost of ownership breakdown for a Solectrac tractor vs. a diesel tractor and provides information on state and federal incentive programs. 

Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. The company is committed to supporting the growth of Solectrac and views it as a flagship solution for the fast-growing, high-value off-road vehicle market that provides alternatives to diesel engines for sustainable farming.

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 is the significance of the new e25H electric tractor announced by Ideanomics?

The e25H electric tractor is designed to enhance operational performance with hydrostatic transmission and zero emissions, expanding Solectrac's product offerings.

When will the e25H electric tractor be available for order?

The e25H is expected to be available for order in the second half of 2023.

How many e25 electric tractors did Solectrac sell last year?

Solectrac sold a record 350 e25 electric tractors last year.

How is Ideanomics supporting Solectrac's expansion?

Ideanomics is supporting Solectrac's expansion through financing and by helping to grow its nationwide dealer network.

What is the purpose of the SolecSave app?

The SolecSave app provides a total cost of ownership breakdown for Solectrac tractors compared to diesel options and outlines available incentive programs.