NEW YORK, April 4, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the adoption of commercial electric vehicles (EV), is pleased to announce that its subsidiary Solectrac is continuing with the rapid expansion of its certified sales and dealer network. During the first quarter of 2023, Solectrac added eight certified dealerships with 14 locations in Florida, Texas and California.
On average, new dealers will place an upfront order for up to six Solectrac tractors per dealer location for customer demonstrations.
"Dealerships are where the magic happens, it's where customers often get their first experience with one of our quiet, clean and powerful electric tractors," said Mani Iyer, CEO of Solectrac. "That is why I view each dealership location as an important member of the Solectrac community, and I am committed to helping them capture the hearts and minds of customers."
The strength of Solectrac's brand combined with its fast-growing national presence enabled the company to generate four times more revenue in 2022 vs. 2021.
Solectrac offers each dealership marketing and sales support including website development, resources for community engagement, aggressive sales & finance programs and other tools designed to reach and excite potential customers. With support from Ideanomics and DLL, Solectrac will continue to grow its coast-to-coast certified dealership network in the U.S.
In 2023, Solectrac expects to introduce exciting updates, including attachments, accessories and product variants to its pioneering e25 tractor, as well as begin manufacturing its e75 tractor. In response to the strong and growing demand for its products, Solectrac increased its production capacity by 300% in 2022. The company added a new assembly line to its facility in Windsor, California, and established a joint venture partnership with Nolan Manufacturing to assemble its tractors on the U.S. East Coast in North Carolina.
Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. Ideanomics is committed to supporting the growth of Solectrac and views the company's electric tractors as a flagship solution for the fast-growing, high-value and underserved agricultural industry.
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