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Ideanomics’ electric vehicle division MEG in China fully operational after coronavirus outbreak

After going back to work on March 30, the company said it has successfully concluded three new vehicle orders from three different manufacturers in the first 48 hours

Ideanomics Inc - Ideanomics’ electric vehicle division MEG in China fully operational
CEO Alf Poor: 'These are the types of orders that will quickly become commonplace'

Ideanomics Inc (NASDAQ:IDEX) announced Wednesday that its electric vehicle division Mobile Energy Global (MEG) in China is fully operational. 

After going back to work on March 30, the company said it has successfully concluded three new vehicle orders from three different manufacturers in the first 48 hours:

  • Hangzhou Dishi Auto Service Co placed an order for 200 units of Roewe iE6 passenger cars, a luxury brand from Chinese auto manufacturer SAIC.
  • Hangzhou Lufei Automobile Service Co placed an order for 100 units of Volkswagen Passat passenger cars.
  • Hangzhou Hanyao New Energy Vehicle Sales & Service Co placed an order for 300 units of Jiangling E2000 vans, from Chinese auto manufacturer Jiangling Motors Corporation (JMC).

READ: Ideanomics applauds China's latest efforts to support electric vehicle adoption

"These are the types of orders that will quickly become commonplace, as part of our MEG sales activities,” said Ideanomics CEO Alf Poor in a statement. 

“Future orders of this nature will likely be rolled up into monthly updates as the MEG activities mature, but at this time we felt it was important to acknowledge that our staff were back at their desks as of Monday, for the first time since the COVID-19 outbreak began. Our MEG team has shown tremendous resolve by working through the outbreak to ensure the impact to our operations was minimized.”

The company noted US GAAP accounting for the $8.1 million revenue has not been finally determined. Consequently, the revenue may be reported on a Gross or Net basis.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

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