Skip to main content

Ideanomics MEG Sales Subsidiary Receives Investment from Qingdao City at 2 Billion RMB valuation

Written by Customer Service on . Posted in Public Companies.

NEW YORK, — Ideanomics, (NASDAQ: IDEX) announced that its MEG Group subsidiary Qingdao Mobile New Energy Vehicle Sales Co. Ltd. has received an initial investment of ¥50 Million RMB (approx. $7.2M US) from Qingdao Xingyang City Investment Co., Ltd. as part of a series of investments valuing the subsidiary at ¥2 Billion RMB (approx. $288M US).

The follow-on investments will come as the newly formed MEG-owned sales group realizes sales targets of ¥10 Billion RMB per additional investment tranche of 50 Million RMB, with the full ¥200 Million RMB investment for a 10% stake in Qingdao Mobile New Energy Vehicle Sales Co. Ltd. achieved when gross sales reach ¥30 Billion RMB (approximately $4B US). Ideanomics had previously announced its plans to headquarter its MEG subsidiary in Qingdao, creating a commercial EV hub to showcase the depth of its manufacturing partner alliance to both governmental and enterprise fleet operators.

“The investment comes at an important time, with our MEG division ramping up operations. The investment from Qingdao’s investment fund is a recognition of our impact on the commercial EV ecosystem in China,” said Alf Poor, CEO of Ideanomics. “We have already taken in the initial investment, and the sales targets for the full investment will require MEG to sell around one hundred thousand units in total EV sales across our 4 segments of Logistical Vehicles, Taxis, City and Tour Buses, and Heavy Trucks. As the logistical vehicle market in China alone is some 14 million vehicles, it provides us with the size and scale to achieve those sales’ targets with a relatively minor share of the total commercial EV market. We’re thrilled to be basing our sales group in Qingdao and having the city participate as a stakeholder in our sales organization”.

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. The Ideanomics Mobile Energy Global (MEG) its key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.

The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.

http://www.ideanomics.com
For more information, visit: http://www.ideanomics.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.