NEW YORK, June 24, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today announced it has signed an agreement with Anhui Jianghuai Automobile Group Co., Ltd., commercially known as JAC Motors. The deal is a strategic partnership, initially covering the China and ASEAN markets, with the ability to expand further thereafter according to demand. The Memorandum of Understanding (MoU) is a pre-cursor to the definitive strategic agreement covering a range of activities designed to promote JAC's EV product line up as part of Ideanomics' newly established NEVCG division's activities.
The MoU focuses on several key areas of activity, including EV taxi fleet rental and leasing in China, EV buses, heavy commercial truck sales and financing, municipal EV trucks such as fire trucks and other municipal vehicles and light commercial vehicles in China and ASEAN countries, and police and law enforcement passenger vehicles and light trucks, including any customization thereof for regionalization or fit for purpose needs.
Ideanomics and JAC will also cooperate on new energy fuel cells, including electric and hydrogen batteries and the associated research, development, and testing for use in the target markets. Furthermore, Ideanomics will provide consulting services for all types of financing throughout the vehicle production and sales lifecycle, from supply chain and parts through to large-scale ABS financing programs for enterprise and governmental customers. JAC will introduce its current financial services partners to work along side Ideanomics and its bank and financing partners.
"This is another milestone agreement for Ideanomics and its new NEVC division," said Mr. Alf Poor, CEO of Ideanomics. "JAC's complete line up of EV vehicles can service the broad commercial vehicle market, with everything from taxi cars to buses, heavy freight trucks, and even customized vehicles for the emergency services. We're very excited to have JAC participate in our new energy vehicle activities, they are a world-class partner who will strengthen our offering in China, the ASEAN region, and beyond. JAC also has a fantastic cost/benefit model that will serve the ASEAN market with a strong value proposition."
In addition to fuel cell-based innovations, the deal also sees Ideanomics contribute cyber security expertise, for the development of IoT vehicle security services that will service both driver-based and autonomous vehicles.
"Our deal with JAC encompasses each area of activity in the new energy vehicle space, whether EV or Hydrogen-based cleantech," said Alf Poor. "Ideanomics has worked towards a gaining influence and understanding throughout the entire value chain, and with this deal we can begin to provide assistance with all aspects of new energy vehicle production, from supply chain and parts financing, through to ABS financing for large-scale customers. It's an exciting time for us, and we couldn't ask for a better partner than JAC."
Anhui Jianghuai Automobile Group Corp., Ltd., (JAC) was founded in 1964 and listed on the Shanghai Stock Exchange (600418) in 2001. JAC is a China-based company principally engaged in the research and development, production and sales of automobiles and parts. The Company's primary products include passenger cars, commercial vehicles (trucks, multi-purpose commercial vehicles, among others), buses, bus chassises and other products. The Company mainly distributes its products to domestic and overseas markets. https://www.jac.com.cn/
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 provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, 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.
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.