Ideanomics announced that it has completed the delivery of multiple electric commercial vehicle orders with a total value of $3.15 million.
New York (Merxwire) -In recent years, the electric vehicle industry has continued to increase sales with the support of various national policies and technological progress. Global company Ideanomics announced that its Mobile Energy Global (MEG) subsidiary Qingdao Ai Neng Ju New Energy Sales Company Ltd, has completed the delivery of multiple orders. The total value of the completed delivery orders is USD 3.15 million (about RMB 22.5 million).
China is the country with the largest electric vehicle market. According to Statista, there are about 2.3 million electric vehicles in use in China in 2018. Commercial vehicles made in China account for about 80% of global production, and the scale and technology can be exported to the world. In response to market enthusiasm, MEG recently delivered a total of 117 units of commercial vehicle orders, including: 25 Dongfeng heavy truck units ordered by Hangzhou Deqian Industrial Co., Ltd., 40 Aoxin EV500 logistics vehicles ordered by Jiudao Group, and various customer orders for a combined 52 units of various EV vehicle types.
"Today's announcement represents Ideanomics' ability to build momentum and fulfill orders on time, and in some cases ahead of schedule, even during COVID-19," said Alf Poor, CEO of Ideanomics. "Our team is dedicated to working swiftly to advance our customers' needs and will continue to do even more as the world reopens."
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.
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