Ideanomics Provides Update on 500 Unit Order for AOXIN Logistical Vehicles
As a reminder, on December 31, 2019, Ideanomics announced that its subsidiary, Mobile Energy Global (MEG) in partnership with GCL, 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 ~ USD 7 Million. The second order is for 700 units valued at RMB 117 Million or ~ USD 17 Million.
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. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.