NEW YORK, March 13, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), Ideanomics Chairman, Dr. Bruno Wu, and CEO, Alf Poor were in attendance during the memorandum of understanding (MoU) signing ceremony between Tree Manufacturing Sdn. Bhd. and Hyundai KEFICO who will be a supplier of components for Treeletrik, a brand by Tree Manufacturing. Hyundai KEFICO will be supplying components related to the motor, cooling and battery management systems (optional). (Click here for photos)
"The transition to clean electricity combined with 'smart' digital technologies make it possible to take full advantage of the growing clean tech sector here in Malaysia," said Dr. Bruno Wu, Chairman of Ideanomics. "Ideanomics continues to play a key role in expanding the EV market in ASEAN countries."
The MoU ceremony was attended by representatives from both parties. The attendees from Tree Manufacturing Sdn. Bhd included Chairman Dato' Majid Manjit Abdullah; the Executive Director Dato' Steven Thor; CEO Michael Yap; CTO Kevin Tham; COO Kenny Lee and Sales and Marketing Manager Michelle Khoo. On Hyundai KEFICO's side, the Director (Head of Sales), Moon Namgoong and the Regional Manager, Jai Un Chun graced the event with their presence.
In addition, President and CEO Pyung-oh Kwon and Director General ByungWoo Lee from KOTRA (Korea Trade-Investment Promotion Agency), along with Chairman K J Jhon of Malaysia's branch of OKTA (World Federation of Overseas Korean Traders Association) attended as witnesses.
"During the visit, Dr. Wu and I met with various government officials and business leaders to further discussions on EV adoption in Malaysia and the ASEAN region," said Alf Poor, CEO of Ideanomics. "In addition to mopeds, bikes, buses, and delivery vehicles, ASEAN countries have additional unique vehicle requirements, including those for the country's expansive number of food trucks, which can benefit from EV technologies."
Environmentally conscious consumers and public agencies are driving prosperity for the future of Electric Vehicles in Malaysia and ASEAN countries. In Malaysia, about 3,000 charging stations for electric vehicles will be set up by the end of 2019 to cater for the rising interest in EVs. A report by the International Renewable Energy Association (IRENA) indicates that there could be 59 million two to three-wheeled electric vehicles and 8.9 million four-wheeled EVs in ASEAN by 2025. For Malaysia alone, the estimated total sales of 2-wheeled EVs between 2019 to 2023 is around 500,000 units.
Tree Manufacturing Background
Tree Manufacturing Sdn. Bhd is the only licensed electric vehicle manufacturer in Malaysia, with extensive relationships in both the public and private sectors including supplier agreements with the Malaysian government, Malaysian police and regional operators for up to 60,000 EV buses, 100 million EV bikes and mopeds into ASEAN countries, as part of an estimated $6-7 billion USD equivalent of Malaysian and ASEAN market.
A brand operated under Tree Manufacturing, Treeletrik produces several models of electric bikes and electric trucks. It has a wide variety of products, ranging from 2-wheelers to 18- wheelers. It is the first company to bring true electric bikes to Malaysia, pioneering a new way of mobility. Its 100% eco-bikes are clean, safe, advanced and affordable with minimal maintenance required. Its products deliver long-term cost savings while improving quality of life and the environment. The Treeletrik team comprises the best in various fields including engineering, quality assurance, product and industrial design, marketing and line assembly. With their strategic partners in the EV field, they attract talents from the leading universities in Asia. This enables them to continue leading the way in electric vehicle design and build.
Hyundai KEFICO Background
Hyundai KEFICO Corporation was established in 1987 as KEFICO Corporation. It is engaged in the manufacturing and distribution of automotive electronic management systems (EMS). The company offers control units, sensors, actuators, modules, body and 2- wheeled/4-wheeled car parts. Hyundai KEFICO Corporation also manufactures parts for green technology automotive. The company is based in Gunpo, Gyeonggi-do Province, South Korea with manufacturing plant facilities in China and Vietnam.
Ideanomics harnesses the power of Artificial Intelligence and Blockchain to empower your financial decisions. Ideanomics, a global Fintech and AI catalyst for transformative industries combines deal origination and enablement with technology and applications as part of the next-generation of financial services.
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.