Chennai Journal

Ideanomics Reported $4.7M Revenues & 557 EV Units Processed for July & August an Increase from Q2

 Breaking News
  • No posts were found

Ideanomics Reported $4.7M Revenues & 557 EV Units Processed for July & August an Increase from Q2

October 06
00:03 2020
Revenues of $4.7 million Q2 Reported and Expects Quarter-Over-Quarter Growth in Q3 and Q4 2020

NEW YORK – Ideanomics announced its Mobile Energy Global (MEG) division’s activity from the period starting July 1, 2020, and ending August 31, 2020.

MEG activities during the period of July 1, 2020 through August 31, 2020 were as follows:

Vehicle Type Units Invoiced
(pending expected delivery)
Units Delivered
Heavy Trucks 25
Taxis/Ride-Hailing 557 178
TOTAL UNITS 557 203

“Units Delivered” refers to vehicles which have been delivered to customers, and Ideanomics has obtained the delivery notes. “Units Invoiced (pending expected delivery)” refers to customer orders where sales invoices have been issued and units ordered are still pending expected delivery. Delivery dates vary according to the type of vehicle and manufacturer availability.

The US GAAP accounting treatment for the anticipated revenue from the above orders will not be finalized until the order transactions complete. Consequently, the revenue may be reported on a Gross or Net basis and some portion may be deferred to future accounting periods.

Ideanomics Second Quarter 2020 Operating Results

Revenue for the three months ended June 30, 2020, was $4.7 million. The second quarter revenues are the largest revenues from MEG since the Company commenced EV sales demonstrating the underlying strength of MEG’s business, particularly as these revenues were earned during a period when China’s economy was still returning to normal after the Covid-19 lockdown. 

Performance on a sequential basis, revenues saw improvement in the second quarter of $4.7 million versus $378,000 in the first quarter ending March 31, 2020. 

“We are very pleased with the pace of our sales growth in the new energy vehicle industry,” said Alf Poor, CEO of Ideanomics.

EV-LogoAbout Ideanomics

Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Our electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions; we refer to this business model as sales to financing to charging (S2F2C). Ideanomics Capital provides fintech services that include intelligent and innovative solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions for a greener economy.

The company is headquartered in New York, NY, with offices in Beijing, Guangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Visit: https://ideanomics.com/

Media Contact
Company Name: David Joseph Marketing
Contact Person: David Joseph
Email: Send Email
Phone: 6046199192
Country: Canada
Website: https://ideanomics.com/

Related Articles