Ideanomics Inc. (Nasdaq: IDEX) has today announced it has signed an agreement with Anhui Jianghuai Automobile Group Co., Ltd., commercially known as JAC Motors. The deal is a strategic partnership, initially covering the China and ASEAN markets, with the ability to expand further thereafter according to demand. The Memorandum of Understanding (MoU) is a pre-cursor to the definitive strategic agreement covering a range of activities designed to promote JAC’s EV product line up as part of Ideanomics’ newly established NEVCG division’s activities.
The MoU focuses on several key areas of activity, including EV taxi fleet rental and leasing in China, EV buses, heavy commercial truck sales and financing, municipal EV trucks such as fire trucks and other municipal vehicles and light commercial vehicles in China and ASEAN countries, and police and law enforcement passenger vehicles and light trucks, including any customization thereof for regionalization or fit for purpose needs.
Ideanomics and JAC will also cooperate on new energy fuel cells, including electric and hydrogen batteries and the associated research, development, and testing for use in the target markets. Furthermore, Ideanomics will provide consulting services for all types of financing throughout the vehicle production and sales lifecycle, from supply chain and parts through to large-scale ABS financing programs for enterprise and governmental customers. JAC will introduce its current financial services partners to work along side Ideanomics and its bank and financing partners.
“This is another milestone agreement for Ideanomics and its new NEVC division,” said Mr. Alf Poor, CEO of Ideanomics. “JAC’s complete line up of EV vehicles can service the broad commercial vehicle market, with everything from taxi cars to buses, heavy freight trucks, and even customized vehicles for the emergency services. We’re very excited to have JAC participate in our new energy vehicle activities, they are a world-class partner who will strengthen our offering in China, the ASEAN region, and beyond. JAC also has a fantastic cost/benefit model that will serve the ASEAN market with a strong value proposition.”
In addition to fuel cell-based innovations, the deal also sees Ideanomics contribute cyber security expertise, for the development of IoT vehicle security services that will service both driver-based and autonomous vehicles.
“Our deal with JAC encompasses each area of activity in the new energy vehicle space, whether EV or Hydrogen-based cleantech,” said Alf Poor. “Ideanomics has worked towards a gaining influence and understanding throughout the entire value chain, and with this deal we can begin to provide assistance with all aspects of new energy vehicle production, from supply chain and parts financing, through to ABS financing for large-scale customers. It’s an exciting time for us, and we couldn’t ask for a better partner than JAC.”