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Ideanomics' Mobile Energy Global division’s subsidiary secures first electric vehicle order

Published: 10:45 18 May 2020 EDT

Ideanomics Inc - Ideanomics Inc’s Mobile Energy Global division’s Qingdao subsidiary secure its first electric vehicle order
The order is valued at about US$2.5 million

Ideanomics Inc (NASDAQ:IDEX) said its Mobile Energy Global (MEG) division’s subsidiary has secured its first electric vehicle order.

Qingdao Chengyang Ainengju New Energy Sales and Service Co Ltd won the order from an Hangzhou-based customer for 130 EVs from SAIC Motor’s Roewe brand, according to a statement Monday.

The order is valued at about US$2.5 million and comprises 80 units of Roewe's 2019 model ei6 Honor 80 Deluxe Edition, 20 units of its 2020 EX5 vehicle, and 30 units of its ei5 2020 Deluxe Edition. 

READ: Ideanomics sees 1Q electric vehicle sales in China despite coronavirus pandemic

The order is for immediate delivery and anticipated to be completed within the second quarter. Qingdao Chengyang assisted with financing and purchase activities on behalf of its customer.

"We are very pleased to have secured this first meaningful order for our Qingdao center, particularly as the customer required financing assistance with its EV orders," said Alf Poor, CEO of Ideanomics.

"Our MEG team was able to fulfill this quickly and efficiently, through our Qingdao subsidiary, getting the customer the terms they needed. This type of order is precisely why we developed our S2F2C model, and we're delighted our Qingdao activities are underway."

Ideanomics, headquartered in New York with offices in Beijing and Qingdao, China, is a global company focused on monetizing the adoption of commercial EVs and developing next-generation financial services and fintech products.

The company’s stock recently traded up 10% to 0.47 a share in New York.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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