Sales Subsidiary to Open 100,000 sq m EV Facility in the City Qingdao
"Focused on facilitating end-to-end solutions for the purchase of electric vehicles & developing next generation of financial services and Fintech products"
"The global electric vehicle market at $39.8 billion in 2018 is projected to reach $1.5 trillion by 2025. Units sales are anticipated to reach 97 million vehicles worldwide by 2025"
Key Investment Highlights
EV World Market Growth CAGR of 25.6% Institutional Ownership Stock Trades Below Book Value Doing Business In the Largest Market in the World Strong Experienced Management 2020 Exponential Growth
Ideanomics, Inc. trades on the Nasdaq under the symbol IDEX is based in New York, NY, USA, and has offices in Beijing, China.
Ideanomics is a diversified company and primarily operates in the United States and Asia with reported assets of $164,763,676 along with revenues of $ 43,286,378 (Q-3 2019).
Its main operating division is the Mobile Energy Group (MEG) which has been focusing on the expanding global electric-vehicle market.
MEG specializes with companies that have commercial fleets that require by law and government zero emissions mandates to acquire new electric vehicles for their businesses.
Called the "Amazon Platform" for EV with end to end sales & services where enterprises can have full procurement, financing, insurance, batteries and energy supplies along with subsidies for the adoption of new electric commercial vehicles.
Over the next 2 years in China more than 24 million commercial vehicles will be required to be replaced with electric vehicles. Ideanomics is well established and strategically positioned to gain a substantial market share of this EV business opportunity.
In Q3 2019, MEG’s China EV unit turned a profit with only 4,172 taxis sold and delivered, only a small fraction of the 1.2 million taxis available for EV adoption.
In August 2019, MEG completed its first sales order of 11,000 e-Taxis for City of Chengdu, China, secured an order in Yunnan Province for 35,000 EV taxis and another order in Guilin, Guanxi Province for 2,300 EV taxis in November 2019.
MEG operates through partnerships with China’s largest automakers, Build Your Dreams (China) (BYD) and Beijing Automotive Industry Co. (BAIC) as well as 24 transportation and 8 financial partners as an end-to-end solutions provider with vehicle procurement, financing, battery charging and energy management needs.
In July 2019, Ideanomics invested in Glory Connection Snd. Bhd, (Glory) a vehicle manufacturer based in Malaysia. Glory holds the only license granted to date for the manufacturing of electric vehicles in Malaysia and is in the process of setting up its manufacturing and assembly capabilities.
Ideanomics’ FinTech division consist of its ownership of the Delaware Board of Trade (DBOT) an Alternative Trading System, Intelligenta a marketing AI solutions company that serves the Financial Services industry and a new FinTech Village, a 58-acre development site in West Hartford, Connecticut.
The fintech business division offers customized services based on best-in-class blockchain, AI and other technologies to mature and emerging businesses across various industries. The company is building a financial technology ecosystem through license agreements, joint ventures and strategic investments, which is referred to as Ideanomics’ “Fintech Ecosystem”.