Original article from Proactive Investors
Ideanomics Inc. (NASDAQ:IDEX) updated investors Tuesday on Mobile Energy Global (MEG), the company’s electric vehicle corporation, in light of the coronavirus.
Companies in China broadly returned to work at the beginning of March, the company said. MEG’s partners have been impacted to varying degrees, although the company has no details of any government stimulus programs to help the Chinese economy recover.
Back in September 2018, Ideanomics announced an agreement with First Auto Loan regarding lease financing and asset-backed security products. The goal is to raise $6 million to fund the lease financing of ride-share vehicles and other types of app-requested taxis.
Then, in November and December 2019, Ideanomics and MEG announced the creation of multiple funds in association with Dasheng Licheng Lease Financing, bringing in insurance companies to provide large-scale funds supporting EV lease financing programs. The final province-level registrations were underway when the outbreak occurred and are now back underway, the company said.
Over the past 18 months, Ideanomics and MEG have partnered with EV and EV Battery manufacturers, including JAC, Geely, Beijing Foton, CATL and Yinlong, among others. Ideanomics announced plans last week to open a flagship sales center in the Chinese city of Qingdao, where the company plans to showcase many of said partners.
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs, in order to acquire large-scale customers with energy needs which are monetized through pre-paid electricity and EV charging offerings. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
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