NEW YORK, March 23, 2020 /PRNewswire/
-- Ideanomics, (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), is pleased to announce a strategic framework agreement
with leading EV heavy truck and bus manufacturer, BeiBen Heavy
Truck Co. Ltd ("BeiBen"). The framework agreement is designed
to establish a long-term strategic partnership that will create a
strategic platform to increase the speed and efficiency of
commercial vehicle adoption. The framework agreement is preliminary
in nature and its implementation will be subject to legally binding
definitive transaction documents to be negotiated and entered into
between Ideanomics and BeiBen.
Under the agreement, BeiBen will provide electric heavy truck
manufacturing, research and development, sales, operations, and
other resources. MEG will provide its existing new energy vehicle
platform including its financial services network, marketing
capabilities, government relationships, and partners upstream and
downstream including in Southeast
Asia.
The scope of the BeiBen/MEG cooperation includes, but is not
limited to:
- Facilitating electric heavy-duty truck sales in China, starting with Inner Mongolia mines and
the port of Qingdao
- Partnership to expand into Southeast
Asia through Treeletrik
- Broad financing partnership such as establishing funds to
facilitate enterprise purchases, asset securitization, and advisory
services
Ideanomics' MEG has also commenced EV truck customer testing and
is currently completing full operation trials with select
mines.
"Heavy trucks, like those used in mining, comprise a small
fraction of vehicles used in commercial fleet operations and yet
are responsible for contributing a disproportionately large amount
of the pollutants released into the environment. We are proud to
collaborate with BeiBen, a leading truck manufacturer committed to
EV advancement, who will bring a tremendous amount of strategic
value and resources to our manufacturing partners alliance for the
benefit of our commercial fleet customers," said Ideanomics CEO
Alf Poor.
"MEG's comprehensive commercial EV solutions complements our
leading EV manufacturing capabilities and industry expertise. This
symbiotic partnership will accelerate the pace of clean energy
vehicle adoption and meaningfully improve the environment," added
BeiBen Chairman Fan Zhiping.
About BeiBen Heavy Truck Co. Ltd
BeiBen (BeiBen Heavy Truck Co. Ltd) is a leading heavy-truck and
commercial bus manufacturer based in Inner Mongolia, China. BeiBen, (North Benz), is part of the
North industries Group Corporation (NORINCO). It was founded in
1988 when BeiBen signed an agreement with Daimler-Benz to
manufacture Mercedes-Benz Trucks.
Mercedes was to deliver CKD kits for assembly by BeiBen, and within
a few years, the trucks would contain 90% domestic parts.
BeiBen Axle factory produces Mercedes-Benz licensed axles for
heavy-duty trucks. These axles are well reputed throughout
China, Malaysia, Indonesia, South
America, South Africa for
its robustness and high loading capacity and durability. These
axles are in turn used by other truck manufacturers in China as well. BeiBen also has production
lines in South Africa and
Ethiopia.
About Ideanomics
Ideanomics (Nasdaq:IDEX) is a global
company focused on monetizing the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings. Ideanomics Capital
includes DBOT ATS and Intelligenta which provide innovative
financial services solutions powered by AI and blockchain. MEG and
Ideanomics Capital provide our global customers and partners with
better efficiencies and technologies and greater access to global
markets.
The company is headquartered in New
York, NY, and has offices in Beijing, China.
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.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New
York, New York 10006
Email: ir@ideanomics.com
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