Ideanomics' MEG secures order in Guilin, Guanxi Province for 2,300 EV taxis

NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced that its Mobile Energy Global (MEG) division has secured an order for 2,300 EV Taxis from the City of Guilin, in Guanxi province though MEGs partner QuianXi.

Delivery of the EV taxis will commence in the first half of 2020. China has been encouraging its provincial governments to adopt blue sky environmental regulations which supports the adoption of clean energy vehicles, particularly those with high energy usage such as the commercial vehicle sector.

"This deal comes on the back of our recent orders in Yunnan province and the city of Chengdu, Sichuan, and is part of our progression into other provinces," said Alf Poor, CEO of Ideanomics. "Taxis are a prime target market, as the need for conversion to EV is easy to understand and implement by local authorities. Our S2F2C model to support the EV programs is being well received. We're excited to get the program underway in Guilin and look forward to expanding our relationship with the city and province."

Many in China have been quick to identify taxis as a significant segment of fossil fuel consumption, and have encouraged regional taxi commissions, and their licensed operators, to convert over to electric vehicles through a mixture of legislation and rebate incentives. Taxis is one of the four key revenue segments for MEG, which is also developing innovative umbrella financing solutions to help streamline the adoption of EV by commercial fleet operators. MEG's key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.

About Ideanomics
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets. The Ideanomics Mobile Energy Global (MEG) key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.

The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.

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SOURCE Ideanomics