• New York-based Ideanomics redefined its operations last year to synergistically create a global ecosystem focused on the growing potential of the electric vehicle market
• Ideanomics expects its developing revenue stream to largely depend on a Sales to Financing to Charging (S2F2C) business model based on vehicle and battery sales, financing and insurance services, and EV battery charging and related energy services
• Forecasts anticipate more than a million global commercial EV sales by 2023 and growth in the global EV charging infrastructure market at a CAGR of 33.4 percent from 2021 to 2028

Global commercial electric vehicle company Ideanomics (NASDAQ: IDEX) is driving next generation solutions to energy consumption. Through its Ideanomics Mobility division — the company has evolved into a synergistic ecosystem of subsidiaries and investments in the electric vehicle (“EV”) industry.

We have a unique view across what we believe is the (‘EV’) value chain because we have operations in China, South Asia, in Malaysia, in Europe and in North America, and we have interesting subsidiaries and operations and investments in everything in the value chain from charging systems through the two-wheelers and three-wheelers, buses, trucks and even EV tractors on the agricultural side as well,” Ideanomics CEO Alf Poor said during a recent webinar on investments in the EV battery and charging markets (https://ibn.fm/A8A6h).

The Mobility Division’s focus on the EV ecosystem is Ideanomics’ primary source of revenue following a shift during the past year. Ideanomics believes it has identified a significant strategic opportunity to grow within the PRC and globally in a changing economic climate that is trending toward renewable energies and reduced use of the internal combustion engine.

The year-end report notes Bloomberg NEF estimates that global commercial EV sales will reach 1.2 million units in 2023 and that the global EV charging infrastructure market will grow at a compound annual growth rate of 33.4 percent from 2021 to 2028, achieving a $144.97 billion revenue stream.

Ideanomics is developing a Sales to Financing to Charging (S2F2C) business model that relies on three revenue channels: vehicle and battery sales; financing, leasing and insurance services for fleet customers; and EV battery charging and energy services.

Many of the company’s operations are in the development or early stage and have not had significant revenues to date. Ideanomics Mobility’s mission is to leverage its ecosystem of operating companies to use EV and EV battery sales and financing solutions to attract commercial fleet operators that will generate large-scale demand for energy, particularly through its operations in Asia at this time, operating as an end-to-end solutions provider for the procurement, financing, charging and energy management needs for fleet operators of commercial EV.

Although Ideanomics’ principal revenue sources are in China, a nation that leads global EV trade thanks largely to government support of the industry, the company notes expectations for rising EV adoption elsewhere in the world amid forecasts that associated costs will decrease in the near future.

Industry publication Utility Dive recently reported that the number of electric vehicle models available to U.S. consumers is expected to more than triple during the next three years as the industry achieves cost parity between internal combustion and EV ancillary solutions (https://ibn.fm/ZzGd1), and a February executive order signed by President Joe Biden highlighted the national leadership’s concern about finding the resources to sustain EV adoption independently of contracting supplies from China (https://ibn.fm/pnwo3).

Ideanomics expects 2021 to be a growth year after it raised about $400 million during the last half of 2020, about half of which was used to acquire Wireless Advanced Vehicle Electrification (“WAVE”) and Timios. Utah-based WAVE is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty EVs, which can be embedded in roadways and depot facilities and eliminate many of the limitations and hazards of plug-in-based charging systems.

Timios, a nationwide title and escrow services provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions and is expected to become one of the cornerstones of Ideanomics’ Capital division.

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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