Ideanomics Announces Two Large Electric Vehicle Orders

NEW YORK - March 17, 2020 - PRLog -- Ideanomics MEG Subsidiary Announces Two Large Electric Vehicle Orders

NEW YORK, March 16, 2020 Ideanomics,  ("Ideanomics" or the "Company"), has today announced a new vehicle order through its MEG subsidiary from rental and leasing services company Beijing Silk Road Rainbow Car Rental Group Co., Ltd., the leading bus operator in Northern China for several major metro markets, including Beijing.

The order is for 5,000 full size electric buses, for use in various locations. The vehicles have an average cost of 800,000 Renminbi (approx. $115,000 USD) per unit, with the order totaling 4Billion Renminbi, or approximately $575 Million USD.

The vehicles will be procured from a number of manufacturers within MEG's partner alliance and will be subject to a rolling delivery schedule throughout 2020 until 2022. MEG has identified commercial EV buses as a strategic segment of its business, and one in which it feels it can derive significant revenues in the next few years as EV buses deliver significant ROI for tour bus and city bus fleet operators in terms of fuel savings.

The company also announced a new vehicle order through its MEG subsidiary from construction services company Sichuan Shenwu Yunli Transportation Services Co., Ltd., the leading construction site dump truck operator in Southwest China provinces of Sichuan, Yunnan and Guizhou.

The order is for 2,000 8x4 meter heavy dump trucks, for use in construction projects in various locations. The vehicles cost approximately 750,000 Renminbi (approx. $107,000 USD) per unit, with the order totaling approximately $215 Million USD.

The vehicles will be procured from a number of manufacturers within MEG's partner alliance and will be subject to a rolling delivery schedule throughout 2020 and beyond. MEG has identified commercial heavy trucks as a strategic segment of its business, and one in which it feels it can derive significant revenues in the next few years as EV heavy trucks deliver significant ROI for fleet operators in terms of fuel savings.

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