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Ideanomics purchasing 2,000 Model BYD D1 Custom Ride-Hailing Electric Vehicles for deployment in China

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The order, for 2,000 units of the BYD D1 model, with deliveries expected to begin in the first half of 2021, was placed through Ideanomics’ Mobile Energy Global division and its contracting entity, Qingdao Chengyang Medici, with Meihao Chuxing, a 65/35 joint venture between BYD and Didi.

Additional Information:

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

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Ideanomics, a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has placed an initial order for 2,000 custom ride-hailing electric vehicles for deployment in multiple cities within China.

The order, for 2,000 units of the BYD D1 model, with deliveries expected to begin in the first half of 2021, was placed through Ideanomics’ Mobile Energy Global division and its contracting entity, Qingdao Chengyang Medici, with Meihao Chuxing, a 65/35 joint venture between BYD and Didi.

Launched in November 2020, the BYD D1 was jointly developed by BYD and Didi as the world's first custom-built, all electric car for ride-hailing.

The vehicles, which feature the L2 Assisted Driving system as well as a myriad of other safety and comfort features, are linked with a fleet management system that helps large fleet operators track and optimize operational status and real-time energy management.

Equipped with the latest Blade Battery, developed by BYD over the past several years, the BYD D1 has a range of 418 kilometers or 260 miles and can reach top speeds of 130 kilometers or 81 miles per hour.

Due to its optimized battery pack structure, the space utilization of the battery pack is increased by over 50% compared to conventional lithium iron phosphate block batteries.

Didi Chuxing is deploying and promoting the ride-hailing service in a number of Chinese cities, where passengers can order the customized ride-sharing service via the Didi app.

BYD Company, founded in 1995, has established over 30 industrial parks worldwide and has played a significant role in industries related to electronics, automobiles, new energy and rail transit.

From energy generation and storage to its applications, BYD is dedicated to providing zero-emission energy solutions. (www.byd.com)

BYD is listed on the Hong Kong and Shenzhen Stock Exchanges.

The company’s ADR’s also trade on the OTCPink market under the symbol “BYDDY”.

Warren Buffett bet US$230 million on BYD in 2008, with Berkshire Hathaway now owning 25% of the company, which is currently capitalized at approximately US$70 billion.

Alf Poor, CEO, stated: "The D1 is a very thoughtfully designed ride-hailing EV and is a culmination of the latest design and technology to bring drivers and their customers an enjoyable travel experience. We are very pleased to work with Meihao Chuxing and BYD to promote the sales of the D1. Supported by a viable government subsidy program, the proliferation of EVs in China is a testament to the value that public and private partnerships can bring to large scale global challenges. We look forward to developing these types of partnerships and the rollout of more innovative vehicles like the D1 to our taxi and ride-hailing customers."

Headquartered in New York, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia, Ideanomics is focused on the convergence of financial services and industries experiencing technological disruption.

Its Mobile Energy Global (MEG) division is a service provider facilitating the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging business model.

Through Ideanomics Capital, the company focuses on disruptive fintech solutions and services across the financial services industry.

Together, Mobile Energy Global and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and their shareholders with the opportunity to participate in high-potential, growth industries.

The shares are trading at $2.20.

For more information, please visit the company’s website www.ideanomics.com, contact Tony Sklar, VP of Communications, at ir@ideanomics.com.

I’m Cassandra Bolinski for Investmentpitch Media