NEW YORK, March 31, 2020 /PRNewswire/ -- Ideanomics,
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), is pleased to
announce that at a State Council meeting on March 31, Chinese Premier Li Leqiang stated that 1) China will extend new energy vehicles
subsidies an additional two years, 2) the Central Government will
use fiscal money to compensate the replacement of diesel vehicles
in key areas such as Beijing ,
Hebei and Tianjin, and 3) the exemption of used car VAT
tax from May 1 to end of 2023.
This extension benefits Ideanomics' MEG group in various ways.
The company estimates that China
has over 11 million heavy-duty trucks and off-road vehicles, 14
million light delivery logistics trucks, 1.8 million buses, and 1.1
million taxis and ride share vehicles. Combined, these commercial
electric vehicles have an estimated market value of RMB 11.2 trillion (USD 1.6
trillion). The extension provides more time for fleet
operators and manufacturers to secure financing and ramp up
production following the economic halt due to COVID-19 in the first
quarter. The Center provides both new and used electric vehicles as
well as financing, licensing, and insurance services. Centrally
located near in the key areas, the Mobile Energy Group Center is
positioned to facilitate fleet operators in key areas.
Additionally, earlier this month, Ideanomics announced that its
Mobile Energy Group Center in Qingdao will open on May 1st, making it available to assist
commercial fleet customers with their EV transition needs.
"This stimulus package goes beyond what we were anticipating and
provides a strong foundation to support our MEG business objectives
in 2020," Said Alf Poor, CEO of
Ideanomics. "We applaud these measures and will be working quickly
and efficiently to help our commercial fleet customers understand
the new economic measures put in place today and how these measures
can further incentivize the transition to EV from fossil fuel
vehicles".
About Ideanomics
Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products. Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
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 at
Ideanomics
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
View original content to download
multimedia:http://www.prnewswire.com/news-releases/china-extends-new-energy-vehicle-purchase-subsidies-and-purchase-tax-exemption-policy-for-two-years-301032549.html
SOURCE Ideanomics