Ideanomics Inc (NASDAQ: IDEX) announced that its Mobile Energy Global (MEG) subsidiary Qingdao Ai Neng Ju New Energy Sales Company Ltd, has completed the delivery of electric vehicle (EV) sales orders for a total of 117 units worth 22.5 million renminbi ($3.15 million).
The multiple orders included 25 Dongfeng heavy trucks ordered by the Hangzhou Deqian Industrial Company, 40 Aoxin EV500 logistic vehicles for the Jiudao Group, and a mixed bag of orders for 52 electric vehicles from other customers.
Ideanomics said it received a follow-on order from the Jiudao Group for an additional 360 units scheduled for delivery in July, once financing is wrapped up by June 30.
As part of the delivery, “the financing, licensing, insurance, vehicle registration plate administration, and tax invoice issuance” are all complete, said the company.
"Today's announcement represents Ideanomics' ability to build momentum and fulfill orders on time, and in some cases ahead of schedule, even during COVID-19," Ideanomics CEO Alf Poor said in a statement.
"Our team is dedicated to working swiftly to advance our customers' needs and will continue to do even more as the world reopens," he added.
Refutes short sellers
Ideanomics headquartered in New York with offices in Beijing and Qingdao, continued to respond forcefully to an analyst note issued last week from J Capital Research and Hindenburg Research.
"After consultation with our legal counsel, we believe these communications, marketed as research are illegal or have been banned in many countries, but continue to operate in the grey areas of financial regulatory law in the United States," said Poor.
Hindenburg alleged that Ideanomics claims to own and operate a large-scale facility in Qingdao for its MEG division, but their investigators have been onsite and claim MEG doesn’t have a presence there.
“Ideanomics has never claimed or disclosed ownership of the site. It holds a 15-year rent-free agreement which was signed by Ideanomics in November 2019 and has since provided images to show its participation at the site,” said the company in a statement.
J Capital alleged that it investigated recent deals signed by the company’s MEG division, and found that the companies denied having a business relationship with the company.
Ideanomics refuted the claim by procuring written statements from its key partners confirming their business relationships and orders. For instance, Ideannomics says Tianjin Zhongcheng confirmed it had ordered 42 Toyota Land Cruisers valued at 31 million renminbi ($4.4 million), or around $100,000 per vehicle.
There were similar statements of support from the Jiudao Group (400 units of the Aoxin X30L EV), Beijing Silk Road Rainbow, and the Qinou Group (200 Dong Feng Liuzhou S50 EVs for the City of Neijiang in Sichuan).
Ideanomics stock recovered some ground, jumping 32.9% to $1.94 in afternoon trade.
Ideanomics also announced that it will participate in the One2One Investor Forum on June 30, 2020 at 1.00 pm ET. The CEO will present a company overview at the virtual conference and particiapte in a 15-minute Q&A session. Investors can register for the event at https://event.webinarjam.com/register/458/xyy9gs6l.
-- Adds details about upcoming virtual conference --
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive