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Ideanomics Inc. (NASDAQ: IDEX) Boosts EV Tractor Acquisition to 100 Percent, Anticipating Growing Potential for Environmental Awareness in Agriculture Industry
July 2, 2021

Ideanomics Inc. (NASDAQ: IDEX) Boosts EV Tractor Acquisition to 100 Percent, Anticipating Growing Potential for Environmental Awareness in Agriculture Industry

  • Despite the worldwide economic difficulties imposed by the pandemic during the past year, new efforts at electric vehicle adoption are on the rise
  • Ideanomics recently announced 100 percent acquisition of EV tractor manufacturer and distributor Solectrac Inc., which will grant it premium positioning in the agriculture industry’s growing interest in zero-emissions vehicles
  • Ideanomics is also celebrating the launch of Technology Metals Market (“TM2”) trading using Nasdaq’s cloud-deployed matching technology for real-time pricing

Consumer interest in reducing the harmful effects of pollutants on the earth’s climate globally has led to a resurgence of electric-driven automotive technology in the world’s marketplace for private and commercial vehicles, nearly a century after the once-dominant electric vehicle industry became virtually extinct amid lower prices and mass production gains for gas-powered internal combustion engines (“ICEs”) (https://ibn.fm/1wJMo).  

While the United States has lagged somewhat in electric vehicle (“EV”) adoption compared to China and Northern Europe, and the COVID-19 pandemic has had a detrimental effect on new automotive sales this past year, the overall number of EV registrations in the United States still rose 36 percent during the first four months of 2021, according to an Automotive News report, and on a YOY basis for that period EV registrations rose 95 percent from 2020 (https://ibn.fm/im2Jd). 

New York-based company Ideanomics (NASDAQ: IDEX) is among a new wave of organizations injecting an estimated $16.3 billion overall into the EV start-up market this year — 28 per cent more than last year, according to market research company CB Insights (https://ibn.fm/QmWgH). 

Ideanomics’ announcement June 14 that it boosted its stake in California-based zero-emission electric tractors manufacturer and distributor Solectrac Inc. to 100 percent ownership (https://ibn.fm/ccJQb) not only highlighted applications of EV technology in the agricultural industry, but showcased Ideanomics’ drive to sustain next generation solutions for the world’s energy consumption and living standard equity difficulties. 

Solectrac has limited competition in the electric tractor market in North America, granting it a significant head start within the industry, the announcement states. Its premium electric tractor lineup is fully scalable and market-ready to generate revenue in the United States with proven demand.

The announcement follows on the heels of Ideanomics’ acquisition of US Hybrid, a manufacturer of electric powertrain parts and fuel cell engines for heavy-duty municipal vehicles, commercial trucks, buses, and specialty cars (https://ibn.fm/ZoquR). 

“Ideanomics has emerged as a true powerhouse in the commercial EV sector with a synergistic ecosystem of technologies and solutions that covers the entire value chain of electrification,” US Hybrid CEO Gordon Abas Goodarzi stated in the news release announcing the deal.

Ideanomics is also celebrating the launch of global technology metals marketplace trading platform Technology Metals Market (“TM2”), which is using Nasdaq’s cloud-deployed matching technology to provide investors with real-time pricing for trading a new asset class of high-value technology metals critical to global technology industries (https://ibn.fm/dH5BI). 

For more information, visit the company’s website at www.Ideanomics.com.

NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX 

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