NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced that its Mobile Energy Global (MEG) division has secured an order for 35,000 EV Taxis from Yunnan Energy Investment Group, which is a province-designated entity for clean energy transportation solutions.
The order was signed as part of a broader cooperation with Yunnan Energy, which will start with EV taxis and develop into other vehicles' orders and also energy purchasing and charging. Delivery of the EV taxis will commence in the first half of 2020. China has been encouraging its provincial governments to adopt blue sky environmental regulations which support the adoption of clean energy vehicles, particularly those with high energy usage such as the commercial vehicle sector.
"This is an important agreement for MEG to secure, as it demonstrates our ability to secure meaningful orders in other provinces. This follows on from our deal in Sichuan Province, where we are already delivering EV taxis for the city of Chengdu," said Alf Poor, CEO of Ideanomics. "Our S2F2C model is proving to be a compelling proposition for both legislators and commercial vehicle operators, as MEG expands its manufacturing alliance and financial solutions to meet the needs of an evolving market. Due to our comprehensive role in marketing, procuring, financing, delivering and managing and maintaining all the data associated the vehicles, MEG expects to recognize the total sale value of the vehicles as revenue as the taxis are delivered and accepted by the Province."
Taxis are an important part of the transportation system in China, where its largest cities rely heavily upon them for helping the population navigate the dense traffic congestion of urban areas. Legislators in China have been quick to identify taxis as a significant segment of fossil fuel consumption and have encouraged regional taxi commissions and their licensed operators to convert over to electric vehicles through a mixture of legislation and rebate incentives. Taxis are one of the four key revenue segments for MEG, which is also developing innovative umbrella financing solutions to help streamline the adoption of EV by commercial fleet operators. MEGs key EV operating segments are Heavy Duty commercial for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
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