NEW YORK, May 22, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), Mobile Energy
Global (MEG) division is pleased to announced that its Qingdao subsidiary Qingdao Chengyang Ainengju
New Energy Sales and Service Co. has signed a framework strategic
cooperation agreement with Zhejiang Qinou Holding Group Co., Ltd
(Qinou Group). Under the terms of the agreement, MEG will provide
Qinou Holdings with its S2F (sales
to financing) capabilities, to facilitate the procurement and
financing of the electric taxis and battery exchange systems.
Taxi fleet operators have been slow to convert to EVs due to the
increased amount of time taxis have to spend offline to recharge.
Qinou Group's battery exchange technology solves this challenge,
enabling taxi operators to confidently adopt EV taxis and meet
regulatory requirements. Qinou Group focuses on the operation of
smart travel power exchange systems, facilitating quick and simple
battery exchange, and is committed to the development and operation
of the smart travel ecosystem. It provides a full suite of
technical solutions, battery packs and battery replacement stations
and charging stations developed through its CEMIBO SrL and CEMI
Studio LLP subsidiaries in Bologna, Italy.
To help promote the partnership, MEG and Qinou Group will
jointly market electric taxis with battery exchange capabilities in
Zhejiang, Jiangsu, Sichuan, Shandong, Inner Mongolia, Shanxi, including some orders already secured
by MEG. The marketing partnership intends to expand to other
regions in the future. MEG and Qinou Group project sales of 30,000
units by 2023, valued at RMB 4
Billion (USD 562 million). The
immediate sales projections are 50 units within Q2 2020, valued at
approximately RMB 6.8 million
(USD 1 million). For 2020, MEG and
Qinou Group project up to 5,000 units, valued at approximately
RMB 650 million (USD 91 million).
The US GAAP accounting treatment for the anticipated revenue
from the above orders will not be finalized until the order
transactions complete. Consequently, the revenue may be reported on
a Gross or Net basis and some portion may be deferred to future
accounting periods.
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 and Qingdao,
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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SOURCE Ideanomics