NEW YORK, Aug. 13, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) and iUnicorn (known as Shenma in China) today announced that their newly publicized joint venture has secured its first order for 11,000 new energy taxis for the City of Chengdu, China.
Under the terms of the deal, the joint venture will work with Ideanomics' and iUnicorn's industry expertise and relationships to purchase 11,000 new energy taxis, to be delivered in tranches by December 31, 2020. The sales order is effective immediately and is subject to securing suitable lease financing arrangements for the order which is expected to top 1 Billion RMB ($140 Million US).
"We are extremely excited to have the joint venture with iUnicorn up and running so quickly after signing our agreement to work together. I was able to spend time with the founder and Chairman of iUnicorn recently, and it was obvious from our discussions that we share the same view of the new energy transportation space and how we could add value to large-scale initiatives such as the one for the City of Chengdu," said Alf Poor, CEO of Ideanomics. "With a metro area population of more than 18 million people, Chengdu is one of the most important economic and cultural centers in Western China. More than half of the Fortune 500 has a presence in Chengdu, so it's not surprising that such a thriving technology and manufacturing catchment area has developed a progressive plan to adopt new energy transportation solutions that can assist in combatting fossil fuel emissions. Anyone who has traveled to the region knows the importance of the taxi to Chengdu; it's one of the preferred methods of travel for residents and visitors alike. We're thrilled to be assisting Chengdu in its transition to new energy taxis."
The joint venture, announced on May 31, 2019, in which Ideanomics and iUnicorn agreed to collaborate in the lucrative e-Taxi market, outlined Ideanomics providing its procurement, lease financing, and ABS financing expertise to the venture, and Shenma providing industry expertise as China's 4th largest ride hailing company, and the only all-electric taxi service. Activities for the sales order will commence immediately, starting with procurement discussions with e-Taxi manufacturers. The joint venture will earn fees and commissions from vehicles sales and associated financing.
About iUnicorn (also known as Shenma Zhuanche).
iUnicorn offers luxurious ride-hailing services with luxury branded electric vehicles such as Tesla, BMW, Buick, Mercedes, and Cadillac. iUnicorn aims to solve the safety and comfort problems of private travel, as well as provide high-end, standardized, professional and private business vehicles for enterprises. iUnicorn has been operating profitably in Guiyang, Chengdu, Shanghai, Shenzhen and Guangzhou, and first-class service has begun to grow nationwide.
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
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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