Ideanomics Inc (NASDAQ:IDEX) has updated on its previously announced order for 500 Jiangsu AOXIN X30L model logistical electric vehicles, noting that 40 units have been delivered complete with financing, licensing, insurance, vehicle registration plate administration and tax invoice issuance.
The group said that financing is secured for an additional 360 units, which are expected to be delivered in July. The final 100 units requires financing, which the company anticipates will be secured in the coming weeks.
On December 31, 2019, Ideanomics announced that its subsidiary, Mobile Energy Global (MEG) in partnership with GCL, had secured orders for a total of 1,200 Jiangsu AOXIN X30L model logistical vehicles.
Financing is secured for 400 units of the 500-unit order valued at RMB 50 million or around US$7 million, with the second order for 700 units valued at RMB 117 million or around US$17 million.
The company said 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.
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
Its MEG division provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions and partners with better efficiencies and technologies and greater access to global markets.