In the past week, Ideanomics Inc. (OTC: IDEX) and its subsidiaries received four large orders in China. As many as 942 vehicles with a total value of $16.9 million USD will be delivered in the coming months. These are mainly electric models and Toyota Land Cruisers. In addition, this week Ideanomics MEG announced the global strategy and expansion of its truck division with H2FCVs.
First of all, who are Ideanomics Inc.?
Founded in 2017 as a business transformation of an existing media company, Ideanomics Inc. has become a fintech company through strategic acquisitions, direct investments and joint ventures. During these changes, the company remains steadfast in its commitment to invest and promote innovative solutions. The next chapter of Ideanomics is building next-generation technology ecosystems for alternative energy-powered transportation services, artificial intelligence/machine learning tools, and digital financial services.
What made them receive these orders?
The electric vehicle division, Mobile Energy Global (MEG), offers group discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions. By partnering with several subsidiaries, they are able to meet the demand for electric vehicles in several locations around the world.
Why MEG’s Heavy Truck Unit is renamed Medici Motor Works?
The sales strategy for its subsidiary, Mobile Energy Global’s (MEG) truck and special vehicles sales unit, will be renamed Medici Motor Works (MMW). The rebranding is the culmination of months of testing and validation in the real world within China-based markets. This has resulted in a convincing business case for operators.
MMW will provide fleet operators with trucks and buses utilizing leading battery electric vehicle (BEV) (for short haul) and hydrogen fuel cell vehicle (H2FCV) (for long haul) systems, and will include autonomous driving and IoV technologies which have proven safe, reliable, and efficient in closed-circuit environments such as mines, airports, steel mills, and municipalities where route patterns are predetermined. MMW plans to leverage its pilot program in Nanjing with PetroChina, to market grid edge and charging technologies able to transform gas stations into cost-efficient hydrogen charging stations in North America, providing a strategic transition program for petroleum distributors looking to transition into clean energy consumption. MMW is already active in China’s truck market, which is estimated at more than 11 million heavy trucks with a market value of approximately $700 billion USD.
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