One of the stocks to have made a major move since the end of September is that of electric vehicle products manufacturer Ideanomics (NASDAQ:IDEX). The stock has rallied by as much as 25% since the last days of September and Ideanomics has naturally come into focus. The rally came about after one of its top executives spoke about the company’s plans in an interview.
The Vice President of Communications and investor relations at Ideanomics, Tony Sklar, told Mining Weekly earlier this month. In the interview, he said that the latest electric vehicle products that the company is manufacturing could help companies in deriving considerable financial benefit.
He stated that the use of more electric vehicles is going to be beneficial to the mining sector over the long term. Sklar said that electric vehicles and autonomous driving are two things that are going to reduce pollution, thereby directly helping in saving lives.
While specifically speaking about the mining sector, he stated that the use of electric-powered systems is going to be mutually beneficial to both governments and mines. On one hand, it is going to reduce pollution significantly and the mines are also going to get significant financial benefits from the government.
The latest rally in the stock has come as a major boost for Ideanomics after the stock slipped significantly in the middle of September. The stock slipped during premarket trading on September 15 after Ideanomics announced the performance of its unit Mobile Energy Global.
The company announced that MEG delivered a total of 203 units, which were made up of 178 taxis or ride-hailing and a total of 25 trucks. All those deliveries were made in July and August. It was a disappointing turn of events since MEG had invoiced a total of as many as 557 units. The stock tanked by 9% on September 15.
This year, the rally in the Tesla stock has managed to illustrate that the electric vehicle space does have a future. However, it should be noted that there are other worthy players in the market as well and one of the more interesting ones is Ideanomics at this point.
Ideanomics is not involved in the manufacturing of electric vehicles but instead focuses on electric vehicle enablement. In the second quarter of the year, the company generated revenues of $4.7 million and has projected sequential growth in Q3 2020 as well as in Q4 2020.
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