Ideanomics Secures Exclusive EV Bus Agreement With Kingdom Of Malaysia
- Deal comes on the back of Ideanomics 51% acquisition of Treeletrik Sales and Distribution Arm
- This follow on deal secures exclusivity for EV Bus sales to Malaysian Government

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.

Ideanomics (PRNewsfoto/Ideanomics)

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."

About Treeletrik
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.

About Ideanomics
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.

Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Tony Sklar, VP of Communications at Ideanomics
55 Broadway, 19th Floor New York, New York 10006
Tel: +

Cision View original content to download multimedia:

SOURCE Ideanomics

Sign-up to receive email alerts.