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Ideanomics' MEG secures order in Guilin, Guanxi Province for 2,300 EV taxis
- Delivery for this order will begin in Q1/Q2 2020
- Order is third in a series of orders won in 2019, previous orders were in Yunnan and Sichuan provinces in excess of 50,000 taxis
- MEG is pursuing additional orders from other provinces

NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced that its Mobile Energy Global (MEG) division has secured an order for 2,300 EV Taxis from the City of Guilin, in Guanxi province though MEGs partner QuianXi.

Ideanomics (PRNewsfoto/Ideanomics)

Delivery of the EV taxis will commence in the first half of 2020. China has been encouraging its provincial governments to adopt blue sky environmental regulations which supports the adoption of clean energy vehicles, particularly those with high energy usage such as the commercial vehicle sector.

"This deal comes on the back of our recent orders in Yunnan province and the city of Chengdu, Sichuan, and is part of our progression into other provinces," said Alf Poor, CEO of Ideanomics. "Taxis are a prime target market, as the need for conversion to EV is easy to understand and implement by local authorities. Our S2F2C model to support the EV programs is being well received. We're excited to get the program underway in Guilin and look forward to expanding our relationship with the city and province."

Many in China have been quick to identify taxis as a significant segment of fossil fuel consumption, and have encouraged regional taxi commissions, and their licensed operators, to convert over to electric vehicles through a mixture of legislation and rebate incentives. Taxis is one of the four key revenue segments for MEG, which is also developing innovative umbrella financing solutions to help streamline the adoption of EV by commercial fleet operators. MEG's key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.

About Ideanomics
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. The Ideanomics Mobile Energy Global (MEG) key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.

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 www.sec.gov. 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
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com

SOURCE Ideanomics

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