NEW YORK, Oct. 4, 2022 /PRNewswire/ -- Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that its subsidiary Solectrac secured significant new business-to-business contracts to supply electric tractors to customers operating large fleets. Solectrac has provided a combined total of 17 powerful, zero-emission and quiet e25 tractors to the University of California Agriculture and Natural Resources and a leading private sector plant nursery.
"Our sustained investment to grow the Solectrac brand means that right now we are uniquely positioned to meet the big orders for electric tractors from large fleet operators," said Robin Mackie, Ideanomics Mobility president. "This is an important, new revenue stream for us, building on the strong value already coming from the fast-growing Solectrac dealer network."
Capitalizing on momentum, Solectrac is pursuing several high-value opportunities to supply its tractors to leading agricultural companies. These large volume sales will be conducted directly with customers or collaborating with Solectrac dealers. Solectrac targets specialty agriculture, parks, municipalities and university market segments for direct sales.
The Association of Equipment Manufacturers (AEM), an industry group tracking retail tractor sales, reports that tractor sales with less than 40 PTO hp exceeded 127,000 units so far this year*. Solectrac offers the e25g in the under 40 PTO hp category. Solectrac electric tractors do everything equivalent to a diesel tractor except better with zero pollution from burning expensive diesel fuel.
The combination of government incentives, volatile diesel fuel costs and corporate commitments to climate actions will accelerate the growth of electric machinery in the off-road market. Ideanomics anticipates a significant rise in market share of electric tractors in a segment forecasted by Zion Research Investment and other firms to exceed $100 billion before decades end.
Solectrac is ready to grow its industry-leading position. The Solectrac brand will introduce a new model in 2023, and Ideanomics has invested in new facilities and partnerships to enhance manufacturing, assembly and distribution capabilities significantly. Recently, Solectrac introduced its SolecSave app, offering customers total cost of ownership data, environmental statistics, and a way to find incentive programs in their locations.
Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. The Company views Solectrac's electric tractors as a flagship solution for the fast-growing, high-value off-road vehicle market.
*Association of Equipment Manufacturers, Ag Tractor and Combine Report, August 2022
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
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Tony Sklar, SVP of Investor Relations
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Theodore Rolfvondenbaumen, Communications Director