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Ideanomics and iUnicorn Joint Venture Announces First Sales Order of 11,000 e-Taxis for City of Chengdu, China
NEW YORK, Aug. 13, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) and iUnicorn (known as Shenma in China) today announced that their newly publicized joint venture has secured its first order for 11,000 new energy taxis for the City of Chengdu, China.
Under the terms of the deal, the joint venture will work with Ideanomics' and iUnicorn's industry expertise and relationships to purchase 11,000 new energy taxis, to be delivered in tranches by December 31, 2020. The sales order is effective immediately and is subject to securing suitable lease financing arrangements for the order which is expected to top 1 Billion RMB ($140 Million US).
"We are extremely excited to have the joint venture with iUnicorn up and running so quickly after signing our agreement to work together. I was able to spend time with the founder and Chairman of iUnicorn recently, and it was obvious from our discussions that we share the same view of the new energy transportation space and how we could add value to large-scale initiatives such as the one for the City of Chengdu," said Alf Poor, CEO of Ideanomics. "With a metro area population of more than 18 million people, Chengdu is one of the most important economic and cultural centers in Western China. More than half of the Fortune 500 has a presence in Chengdu, so it's not surprising that such a thriving technology and manufacturing catchment area has developed a progressive plan to adopt new energy transportation solutions that can assist in combatting fossil fuel emissions. Anyone who has traveled to the region knows the importance of the taxi to Chengdu; it's one of the preferred methods of travel for residents and visitors alike. We're thrilled to be assisting Chengdu in its transition to new energy taxis."
The joint venture, announced on May 31, 2019, in which Ideanomics and iUnicorn agreed to collaborate in the lucrative e-Taxi market, outlined Ideanomics providing its procurement, lease financing, and ABS financing expertise to the venture, and Shenma providing industry expertise as China's 4th largest ride hailing company, and the only all-electric taxi service. Activities for the sales order will commence immediately, starting with procurement discussions ith e-Taxi manufacturers. The joint venture will earn fees and commissions from vehicles sales and associated financing.
About iUnicorn (also known as Shenma Zhuanche).
iUnicorn offers luxurious ride-hailing services with luxury branded electric vehicles such as Tesla, BMW, Buick, Mercedes, and Cadillac. iUnicorn aims to solve the safety and comfort problems of private travel, as well as provide high-end, standardized, professional and private business vehicles for enterprises. iUnicorn has been operating profitably in Guiyang, Chengdu, Shanghai, Shenzhen and Guangzhou, and first-class service has begun to grow nationwide.
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.
Ideanomics, through its investments, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
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.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: [email protected]
www.ideanomics.com
Tel: +1.212.206.1216
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SOURCE Ideanomics
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