Ideanomics to Fuel Growth of Energica Motor Company's Electric Motorcycle Dealer Network in U.S.

Rhea-AI Summary

On September 20, 2021, Ideanomics (NASDAQ: IDEX) announced its strategic collaboration with Energica Motor Company to enhance the U.S. dealer network for Energica's high-performance electric motorcycles. This initiative aims to more than double Energica's dealer presence in the U.S. by year-end 2021, fueled by rising consumer interest. Ideanomics is also increasing its stake in Energica from 20% to about 70%, capitalizing on Energica's nearly doubled sales in 2020 and strong performance into 2021. The partnership underscores Ideanomics’ commitment to electric vehicle growth and the expansion of customer access.

Positive

• Ideanomics is increasing its stake in Energica from 20% to approximately 70%.
• The dealer network expansion aims to double Energica's dealers in the U.S. by year-end 2021.
• Energica nearly doubled sales in 2020, reflecting strong market demand.

Negative

• None.

NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), today announced they will leverage their uniquely synergistic Capital and Mobility divisions to further support partner Energica Motor Company S.p.A. and its subsidiaries (Energica). Energica is a leading manufacturer and distributor of ultra-high-performance electric motorcycles. In response to increasing consumer and dealer interest, the two Ideanomics divisions will team up to rollout a new Dealer Floor Plan financing arrangement with the goal of more than doubling Energica dealers in the United States by the end of 2021, targeting markets that have demonstrated a propensity for early electric vehicle adoption.

The news follows Wednesday's September 15^th announcement that Ideanomics has launched a tender offer to increase its ownership stake in Energica from 20% to approximately 70% after Energica nearly doubled their sales in 2020, followed by strong performance in the first half of 2021. This success has fueled a rapid expansion in the European market as well as Asia, the Middle East, and Africa. The addition of more authorized Energica dealers and other retail points in the U.S. will help drive consumer brand awareness and increase market share for the most advanced zero-emission motorcycles on the market.

"American consumers are ingrained in the dealer culture and they have to be able to see, touch, feel, and ride these beautiful machines to make a purchase decision. We are proud to enable a much more prominent and accessible dealer footprint for Energica and expect this to be a critical step to scale and grow our revenue in 2022 and beyond," said Kristen Helsel, Chief Revenue Officer of Ideanomics. "More importantly, this dealer financing marks the first of many activities where we will leverage the strength of Ideanomics Capital to drive EV sales growth on the Mobility side of the business."

"Without question, it is the exhilarating acceleration and seamless power that riders experience on a test ride, that finally converts them from a conventional internal combustion bike to one of our electric motorcycles. Now that we can expand our dealer network we will be able to offer this experience to more U.S. riders than ever, furthering our goal to help transform the motorcycle business for years to come," said Stefano Benatti, U.S. CEO of Energica Motor Company S.p.A. "The vision that Ideanomics has for Energica and their ability to help propel our growth has provided a unique opportunity to quickly scale our product throughout the U.S. and serve as a template for future dealer expansion.  This is the first of many steps we hope to take as Ideanomics and Energica partner together."

For more information and news on other Ideanomics investments and subsidiaries, please visit https://ideanomics.com.

About Energica Motor Company S.p.A.
Energica Motor Company S.p.A. is the world's leading manufacturer of high-performance electric motorcycles and the sole manufacturer of the FIM Enel MotoE™ World Cup. Energica motorcycles are currently on sale through the official network of dealers and importers.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under an innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and offer shareholders the opportunity to participate in high-potential growth industries.

Contacts:

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018  
ir@ideanomics.com

Jeremy Ertl, Skyya PR for Ideanomics
jeremy@skyya.com

 

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SOURCE Ideanomics

FAQ

What is Ideanomics' plan for Energica in the U.S.?

Ideanomics plans to leverage its Capital and Mobility divisions to expand Energica's U.S. dealer network and finance arrangements.

How much is Ideanomics increasing its ownership in Energica?

Ideanomics is increasing its ownership stake in Energica from 20% to approximately 70%.

What are the sales trends for Energica?

Energica nearly doubled its sales in 2020 and showed strong performance in the first half of 2021.

When does Ideanomics plan to double Energica's dealer network?

Ideanomics aims to double Energica's dealer network in the U.S. by the end of 2021.

What strategic advantage does Ideanomics see in this partnership?

Ideanomics believes that expanding the dealer network will enhance consumer brand awareness and support revenue growth.