Ideanomics MEG Announces Multiple Orders from Zhitong 3000

Ideanomics, (NASDAQ: IDEX) (“Ideanomics” or the “Company”), has today announced a new vehicle order through its MEG subsidiary from truck services firm Zhitong 3000’s holding company Jiangsu Linghao Network Technology Co., Ltd.

The overall order is broken into three order types, comprised of 3000 units of heavy haulage transportation vehicles at a cost of 400,000 Renminbi (approx. $57,000 USD), 1000 units of heavy dump trucks for use with transportation of slag and mining ore at a cost of 420,000 Renminbi (approx. $60,000 USD), and 800 passenger-class cars at a cost of 160,000 Renminbi (approx. $23,000 USD). The total order is in the region of 1.8Billion Renminbi, or $250 Million USD.

The vehicles will be procured from a number of manufacturers within MEG’s partner alliance and will be subject to a rolling delivery schedule throughout 2020. MEG had previously announced an agreement with Zhitong 3000 to offer services to its commercial fleet operators. The deal will see Zhitong act as procurement partner for these initial orders, to streamline the purchase, delivery, and financing placement.

SOURCE Ideanomics