NEW YORK, Aug. 30, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) announces its strategic partnership with the China Tourism Automobile & Cruise Association (CTACA), under the Chinese Ministry of Culture and Tourism, with its newly created subsidiary Beijing Ningyuan Chuanshi New Energy Sales Co., Ltd.
"This agreement, an addition to our tour bus deal (Beijing Finova) announced in January of this year, outlines the support Ideanomics will be afforded by the China Tourism Automobile & Cruise Association (CTACA), the industry tour bus and boat operators association, under the Ministry of Culture and Tourism, especially as it pertains to new energy bus acquisition and financing," said Alf Poor, CEO of Ideanomics. "China has an extensive number of licensed tour bus operators and under this agreement the Association gives their members' a fast and effective way to service these members needs as they comply with China's mandate to convert or replace the current diesel-powered buses by 2022. Our manufacturing and financing partners are prepared to assist with large-scale replacement of these tour buses; which are also referred to as coaches outside of the United States."
The China Tourism Automobile & Cruise Association (CTACA) is a government regulated association representing land and sea-based tourism transportation. Its members include tour bus operators, as well as tour boat and cruise ship operators. The association helps promote tourism within the People's Republic of China (PRC) and helps oversee the safety of tourism and leisure transportation along with Government partners.
Under the terms of the deal, Ideanomics will contribute its EV bus manufacturer relationships and associated group and fleet buying capabilities, as well as lease financing and ABS services through its financial partners. The CTACA will contribute marketing and promotional resources to assist Ideanomics with sales to its association members who are mandated to convert or replace their bus equipment with clean energy vehicles as part of the Chinese Government's proposed 2022 deadline, a total market valued in excess of RMB 800 Billion (US $118 Billion).
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 provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, 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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