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Ideanomics has launched the largest auto trading market in Qingdao, Shandong Province, China

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Launched through a subsidiary of its Mobile Energy Global or ‘MEG’ division, the company’s new one million square foot MEG Center hosts a full suite of car dealer services for new energy and used cars, with a capacity of 18,000 vehicles onsite.

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Company: Ideanomics
Website: http://www.ideanomics.com
Stock Symbol: NASDAQ: IDEX
Date Published: May 29, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Ideanomics, a global company focused on monetizing the adoption of commercial electric vehicles, associated energy consumption and developing next generation financial services and Fintech products, has launched the largest auto trading market in Qingdao, Shandong Province, China.

Launched through a subsidiary of its Mobile Energy Global or ‘MEG’ division, the company’s new one million square foot MEG Center hosts a full suite of car dealer services for new energy and used cars, with a capacity of 18,000 vehicles onsite.

The Center houses partners ranging from EV manufacturers, EV battery manufacturers, energy storage, energy management, and EV charging solution providers, financial services, insurance companies, vehicle and license plate registration services, and others including a state-of- the-art MEG Welcome Center.

The auto trading market, rolled into MEG as part of an investment from Qingdao City, attracts a large audience which MEG will leverage to help educate the general population through its upcoming EV-centric welcome center and onsite EV manufacturing partners.

The Center will use influencer-based marketing of new energy and used cars to leverage the impact influencers have on big ticket purchases in Asia.

Following the soft launch on May 1st, Ideanomics will hold an official ribbon-cutting ceremony for the MEG Center in the summer, in conjunction with its Annual General Meeting.

The company recently signed an agreement to provide Qinou Holdings with “sales to financing” capabilities, to facilitate the procurement and financing of electric taxis and battery exchange systems.

Taxi fleet operators have been slow to convert to EVs due to the increased amount of time taxis have to spend offline to recharge.

Qinou Group provides a full suite of technical solutions, battery packs and battery replacement stations and charging stations enabling taxi operators to confidently adopt EV taxis.

MEG and the Qinou Group project sales of 30,000 units by 2023, valued at US$562 million, with 2020 sales projected at up to 5,000 units, valued at approximately US$91 million.

Headquartered in New York, with offices in Beijing, Shanghai and Kuala Lumpur, and operations in the U.S., China and South East Asia, Ideanomics operates through two divisions – Mobile Energy Global and Ideanomics Capital.

Ideanomic’s main business, Mobile Energy Global or “MEG”, has been focusing on the expanding global EV market, specializing on companies with commercial vehicle operating fleets required to acquire EV’s.

In April, MEG announced three new vehicle orders totalling US$8.1 million.

The 600 vehicles, provided by Volkswagen and two Chinese manufactures, are being supplied to three Chinese customers.

The global EV market is growing at a rapid pace, led by China, and is expected to be worth $776 billion by 2025, according to Brandessence Market Research.

China remains the largest electric car market with new car sales exceeding 1.1 million units in 2018, more than 50% of the global total, with approximately 2.3 million vehicles on the roads.

Given the high level of greenhouse gas emission in China, migration to EVs is one of China’s biggest environmental policy goals.

Ideanomics has a strong international leadership team lead by Bruno Wu and Shane McMahon.

Bruno Wu, a Chinese billionaire entrepreneur and Chairman of Ideanomics, served as Vice Chairman and Secretary General of the National Committee for China U.S. relations in 2019.

Bruno provides Ideanomics with leadership in fintech, artificial intelligence, blockchain and digital asset production.

Shane McMahon, an American businessman and Vice Chairman of Ideanomics, is a fourth-generation wrestling promoter and part owner of World Wresting Entertainment Inc.

He is also a board member of International Sports Management and Global Power of Literacy.

The shares are trading at $0.42.

For more information, please visit the company’s website www.ideanomics.com, contact Tony Sklar, VP of Communications, at 212-206-1216 or by email at ir@ideanomics.com.

I’m Fiona Forbes for Investmentpitch Media