Ideanomics' MEG Announces Delivery Completion of Multiple EV Sales Orders
NEW YORK, June 29, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce that its Mobile Energy Global (MEG) subsidiary, Qingdao Ai Neng Ju New Energy Sales Company Ltd, has completed delivery of multiple orders for a total of 117 units. Total value of complete delivery orders is RMB 22.5 Million or ~USD 3.15 Million.
The multiple orders consisted of 25 Dongfeng Heavy Truck units ordered by Hangzhou Deqian Industrial Company Ltd, 40 Aoxin EV500 logistic vehicles for Jiudao Group (with a follow-on order for an additional 360 units due for delivery in July once financing completes on June 30th), and various customer orders for a combined 52 units of various EV vehicle types. As part of the delivery, the financing, licensing, insurance, vehicle registration plate administration, and tax invoice issuance are all complete.
"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.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
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