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Ideanomics says units sign agreement to purchase an initial 2,000 units of world’s first custom-built, all-electric ride-hailing car; names new chair

The BYD D1 vehicles are intended for deployment in multiple cities within China, with deliveries expected to begin in the first half of 2021

Ideanomics Inc -
On Thursday, Ideanomics announced that Dr Bruno Wu will step down as the group's executive chairman effective from December 31, 2020, and CEO Alf Poor will succeed as interim-chairman

Ideanomics (NASDAQ:IDEX) said it's Mobile Energy Global (MEG) unit and contracting entity Qingdao Chengyang Medici have signed an agreement with Meihao Chuxing to purchase an initial 2,000 units of its ride-hailing vehicle model, BYD D1.

The vehicle is the world’s first custom-built, all-electric car specifically for ride-hailing with smart technology, safety, and comfort features for both drivers and passengers. The BYD D1 vehicles are intended for deployment in multiple cities within China, with deliveries expected to begin in the first half of 2021.

READ: Ideanomics says MEG division delivers 151 vehicles in November

In a statement, Alf Poor, Ideanomics CEO commented: "The D1 is a very thoughtfully designed ride-hailing EV and is a culmination of the latest design and technology to bring drivers and their customers an enjoyable travel experience. We are very pleased to work with Meihao Chuxing and BYD to promote the sales of the D1.

"Supported by a viable government subsidy program, the proliferation of EVs in China is a testament to the value that public and private partnerships can bring to large scale global challenges. We look forward to developing these types of partnerships and the rollout of more innovative vehicles like the D1 to our taxi and ride-hailing customers." 

Meihao Chuxing (Hangzhou) Automobile Technology Co., Ltd. was established in 2019, though a 65/35 joint venture between BYD and Didi with BYD having controlling interests. Launched in November 2020, model BYD D1 was jointly developed by BYD and Didi as the world's first custom-built, all-electric car for ride-hailing.

The vehicles feature L2 Assisted Driving system, are linked with a fleet management system that helps large fleet operators track and optimize operational status, real-time energy management, as well as a myriad of other safety and comfort features. BYD D1 is equipped with its latest Blade Battery (LFP chemistry) with a range of 418 kilometre (260 miles) and can reach top speeds of 130 km/h (81 mph).

BYD Company Ltd. listed on the Hong Kong and Shenzhen Stock Exchanges, is one of China's largest privately-owned enterprises. Since its inception in 1995, the company quickly developed solid expertise in rechargeable batteries and became a relentless advocate of sustainable development, successfully expanding its renewable energy solutions globally with operations in over 50 countries and regions.

Its creation of a Zero Emissions Energy Ecosystem – comprising affordable solar power generation, reliable energy storage, and cutting-edge electrified transportation – has made it an industry leader in the energy and transportation sectors.

Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its MEG division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model.

Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide the group's global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and its shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, with offices in Beijing, Hangzhou, and Qingdao, and operations in the US, China, Ukraine, and Malaysia.

Change of chairman

In a separate statement on Thursday, Ideanomics announced that Dr Bruno Wu will step down as the group's executive chairman effective from December 31, 2020, and Alf Poor will succeed as interim-chairman.

Dr Wu said he would "continue to support the company both as a major shareholder and as an advisor".

He added in the statement: "For the past five years, I have joined you on a journey that has seen us migrate from a media company into a modern, tech-focused, multi-national company focused on high-growth industries being transformed by innovation. It is at this time that I feel the business has matured to the extent that my significant involvement is no longer required in the same way that it was five years ago. We have built a strong team to govern the business that has embraced my vision and can drive it towards profitable growth.

"For this reason, I will be resigning from my role as Executive Chairman and moving to an advisory role where I will continue to provide the Company ongoing support in high-level strategic areas where my energy and network of relationships can continue to support Ideanomics' objectives. This is a positive move for the company and its shareholders."

"This change will focus Bruno's energy on strategic aspects of the business and, in particular, on strategic initiatives in our EV business segments. We are grateful for Bruno's energy and vision over the past five years, which has transformed the business," said Poor, who will remain Ideanomics CEO.

"As we look to 2021, we are well-positioned for growth in North America and Asia, where we have active operations and investments," he added.

Contact the author at [email protected]

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Price: 3.18 USD

NASDAQ:IDEX
Market: NASDAQ
Market Cap: $883.33 m
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