NEW YORK, June 22, 2020 /PRNewswire/ -- Ideanomics (NASDAQ:
IDEX) ("Ideanomics" or the "Company") is pleased to share the sales
strategy for its subsidiary, Mobile Energy Global's (MEG) truck and
specialty vehicle sales unit which will be renamed Medici Motor
Works (MMW). The rebranding is the culmination of several months of
real-world testing and validation within China-based markets which has resulted in a
compelling business case for operators of mines, airports, steel
mills, shipping ports, construction sites, and municipalities.
As part of its expansion program into South East Asia, South Korea, the Middle East, and North America, MMW will provide fleet
operators with trucks and buses utilizing leading battery electric
vehicle (BEV) (for short haul) and hydrogen fuel cell vehicle
(H2FCV) (for long haul) systems, and will include autonomous
driving and IoV technologies which have proven safe, reliable, and
efficient in closed-circuit environments such as mines, airports,
steel mills, and municipalities where route patterns are
predetermined. MMW plans to leverage its pilot program in
Nanjing with PetroChina, to market
grid edge and charging technologies able to transform gas stations
into cost-efficient hydrogen charging stations in North America, providing a strategic
transition program for petroleum distributors looking to transition
into clean energy consumption.
MMW is already active in the China truck market, which is estimated at over
11 million heavy trucks with a market value of approximately
RMB 4.9 Trillion or USD 700 Billion, and has conducted successful
pilot programs and trials with leading partners including CATL and
Beiben. MMW will leverage its H2FCV partner's solutions which have
been in operations for over four years with more than 1,000 H2FCV
buses and it expand these offerings to trucks. This expansion
program will enable the company to enter the lucrative North
American market, which has approximately 1.2 million trucking
operators - 90% of which are small independent operators with six
or fewer trucks – as well as other key markets, including
South Korea, the Middle East, and the ASEAN region.
Ideanomics and MEG believe MMW is well-positioned to service a
very fragmented market in North
America with cost-efficient vehicles and clean energy
infrastructure. The company will use the expansion of the truck
activities as a precursor to the development of its other EV
divisions, with both BEV and H2FCV buses planned for introduction
to North America and South East Asia in 2021. The success of this
phase of expansion will determine the timing for other markets
including Europe and other
regions. The sector is poised for growth and has seen several new
entrants in the truck space, including Tesla, Nikola, Neuron as
well as autonomous driving players such as TuSimple, to complement
existing truck manufacturers' moves into BEV and H2FCV heavy trucks
including Daimler, Ford, and Volvo.
MMW represents one of the four key operating divisions of MEG's
sales group and will include H2FCVs; MEG's three other units are
buses and coaches, logistic vehicles, and taxis which are all
focused on BEVs. For each of these units, MEG provides its S2F2C
business model through technology enablement, new energy vehicles
and new energy vehicle equipment sales, financing and leasing
services, and energy sales and management solutions.
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, Guangzhou 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ideanomics-meg-unveils-global-strategy-and-expansion-of-its-truck-division-to-include-h2fcvs-301081035.html
SOURCE Ideanomics