NEW YORK, March 8, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global Fintech and AI catalyst for transformative industries, is pleased to announce it has entered into an exclusive sales agreement with the Malaysian Government for the purchase of Electric Vehicle Buses via its recent acquisition of Tree Motion Sdn. Bhd.
Under the terms of the deal, Ideanomics will receive commissions on the sales of all EV Buses purchased by the Malaysian government in addition to fees generated from the asset backed lease financing which will facilitate the municipal financing of the bus electrification program in Malaysia. Commissions on EV purchases are anticipated in the range of 15-20%, fees from the leases financing are anticipated in the range of 1-2%. Ideanomics is targeting approximately 60,000 local buses to be replaced with electric vehicles under its program.
The securing of the exclusive sales in addition to the lease financing positions Ideanomics and its local subsidiary as a leading EV player in the ASEAN market, and it expects to use Malaysia as a launch pad for other sales in the region.
"This agreement helps solidify Ideanomics position as a key partner to municipal and national governments looking to transform their gas-powered public transportation infrastructure into modern and efficient vehicles that significantly reduce the environmental impact of buses and other vehicles currently in use," said Dr. Bruno Wu, Chairman of Ideanomics. "We look forward to our upcoming visit to Malaysia to begin working with our partners in the region."
Treeletrik is the first company to bring a true electric bike to Malaysia, pioneering a new way of mobility. It's 100% eco-bikes are cleaner, safer, more advanced and affordable with minimal maintenance, delivering long-term cost savings while improving the quality of life and the environment. The Treeletrik team comprises the best in various fields including engineering, quality assurance, product & industrial design, marketing, and line assembly. With our strategic partners in the field of EV, we attract talent from the leading universities in the Asia region, enabling us to continue to lead the way in electric vehicle design and build.
Ideanomics is a global Fintech and AI catalyst for transformative industries. Ideanomics combines deal origination and enablement with the application of blockchain and artificial intelligence technologies as part of the next-generation of financial services.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
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