NEW YORK, — Ideanomics (NASDAQ: IDEX) announced that its Mobile Energy Global (“MEG”) and its contracting entity Qingdao Chengyang Medici have signed an agreement with Meihao Chuxing, a joint venture between BYD and Didi, to purchase an initial 2,000 units of model BYD D1. The ride-hailing vehicles are intended for deployment in multiple cities within China, with deliveries expected to begin in H1 2021.
“The D1 is a very thoughtfully designed ride-hailing EV and is a culmination of the latest design and technology to bring drivers and their customers an enjoyable travel experience. We are very pleased to work with Meihao Chuxing and BYD to promote the sales of the D1,” said Alf Poor, Ideanomics CEO. “Supported by a viable government subsidy program, the proliferation of EVs in China is a testament to the value that public and private partnerships can bring to large scale global challenges. We look forward to developing these types of partnerships and the rollout of more innovative vehicles like the D1 to our taxi and ride-hailing customers.”
Meihao Chuxing (Hangzhou) Automobile Technology Co., Ltd. was established in 2019, though a 65/35 joint venture between BYD and Didi with BYD having controlling interest. Launched in November 2020, model BYD D1 was jointly developed by BYD and Didi as the world’s first custom-built, all electric car for ride-hailing. The vehicles feature L2 Assisted Driving system, are linked with a fleet management system that helps large fleet operators track and optimize operational status, real-time energy management, as well as a myriad of other safety and comfort features. BYD D1 is equipped with its latest Blade Battery (LFP chemistry) with a range of 418 km (260 miles) and can reach top speeds of 130 km/h (81 mph). Didi Chuxing is deploying and promoting the ride-hailing service in a number of Chinese cities. Passengers can order the customized ride-sharing service via the Didi app.
About BYD
BYD Company Ltd. is one of China’s largest privately owned enterprises. Since its inception in 1995, the company quickly developed solid expertise in rechargeable batteries and became a relentless advocate of sustainable development, successfully expanding its renewable energy solutions globally with operations in over 50 countries and regions. Its creation of a Zero Emissions Energy Ecosystem – comprising affordable solar power generation, reliable energy storage, and cutting-edge electrified transportation – has made it an industry leader in the energy and transportation sectors. BYD is listed on the Hong Kong and Shenzhen Stock Exchanges. More information on the company can be found at www.byd.com.
About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.
“Guftugu”, the widely acclaimed talk show on RajyaSabha TV that suddenly came to an end this October is again in talks after Rekhta Foundation announced its re-launch through its social media platforms. Curated by the renowned television anchor Syed Irfan, Guftugu was one of the longest running celeb talk show in India running since Aug, 2011. With the announcement, Rekhta Foundation forays into the TV production.
Guftugu, the only uninterrupted celebrity chat show on Indian Television was one of its kind interview program that hosted around 400 noted celebrities from the league of personalities such as Gulzar, Nasiruddin Shah, Anupam Kher, Paresh Rawal and Konkana Sen Sharma among others. Syed Mohd Irfan, the anchor of the show, set a new benchmark in the industry with his exclusive interviewing style where the questions revolved around the most humane aspects of the artists` lives that are otherwise shunned behind their glamorous appearances.
Speaking about the announcement, Sanjiv Sarraf, the founder of Rekhta Foundation said, “Rekhta strives to preserve all forms of expressions that have the potential to strengthen the core of our society. Guftugu, through its impactful conversations has inspired a generation of people in the course of 10 years. I am elated to share that very soon Irfan would continue his good efforts through our communication platforms.”
Unlike other celebrity talk shows that are scripted and where questions are pre-decided, Guftugu`s conversations were built at an unhurried pace which emerged as Irfan`s signature style. Many people including noted Bollywood celebrities have revered Guftugu as a film school in itself due to the simplicity and honesty of learning and inspiration imparted on the show. As Guftugu goes off air on Rajya Sabha TV, Rekhta Foundation has stepped forward to let the decade old show go on.
“Rekhta has cultivated a legacy of intellectual audience through its constant efforts in the field of art and culture over the years. Today, there is no better platform than this for programs such as Guftugu. Since the show went off air, many people have messaged me and expressed their love for Guftugu. Their support, and the fact that there is much left to do excites me to return on the show. “, said Irfan, commenting on the occasion.
The show would be run with the same vigour by Rekhta Foundation without any change in the quintessential nature of the program. Rekhta Foundation is yet to announce the date of launch of the show.
About Rekhta Foundation
A not-for-profit, social impact organization, Rekhta Foundation is devoted towards the preservation & promotion of languages and literature of the Indian subcontinent. The Rekhta ecosphere includes Content Repository: (Rekhta.org – Single largest language and literature repository in the world). Preservation: (Rekhta E-Books – Digitizing rare & old Hindustani literature); Education: (aamozish.com – A free e-learning platform for Urdu script); Publishing: (Rekhta Books – A platform to publish established, young and upcoming poets); Promotions: (Rekhta Events – Celebrating the language, literature, art & Culture through Jashn-e-Rekhta, Rang-e-Rekhta, Shaam-e-Rekhta and Raabta). Sufi Repository: (Sufinama.org – A website dedicated to Sufi-bhakti tradition).
The Foundation’s latest endeavour is Hindwi.org which aims to be a Rekhta.org equivalent for Hindi literature
Sagar Group’s Sagar Institute of Science and Technology (SISTec) Gandhi Nagar Mechanical Engineering Department has successfully created a Solar Powered Go-Cart Vehicle under its research project sponsored by the National Project Implementation Unit (NPIU) under Collaborative Research Scheme.
The department was accorded a grant under TEQIP-III by Rajiv Gandhi Proudyogiki University with a time limit of one year to complete the project. Dr. Rashmi Dwivedi with her commitment and dedication in the pandemic made it all to create the machine under the expert guidance of Dr. Sanjay Chhalotre Associate Professor, SISTec. The machine has inputs from Prof Ashish Labade, Asst Professor Computer Science Department at SISTec on IoT (Internet of Things) applications in using the non-conventional source of energy.
Chetan Katole, Manish Kushwah, Sanjay Choudhary, and Mayur Chouhan students of the Mechanical Department at SISTec also pitched in to complete the project before time. On a single charge, the vehicle runs for 60 km and takes about 12 hours to complete charge of its battery and the cost of making the vehicle is approx rupees 3 lacs with efforts still on to reduce the costing.
Dr. Keshvendra Chaudhary, Principal SISTec, Dr. Swati Saxena, Vice Principal SISTec, Dr. Ravishanker V Choudri – HoD Mechanical Engineering have extended their gratitude towards Rajiv Gandhi Proudyogiki University for sanctioning the project. Sudhir Kumar Agrawal, Chairman Sagar Group, and Siddharth Sudhir Agrawal, Managing Director, Sagar Group has congratulated Team SISTec, department of mechanical engineering, students, and the faculties for their commendable efforts on imparting practical knowledge to students.
NEW YORK, Ideanomics (NASDAQ: IDEX) , a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, as well as enabling the next generation of financial services and fintech products, announced today its second quarter 2020 operating results for the period ended June 30, 2020
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.
Ideanomics Announced MEG’s July and August Activity
557 EV Units Were Invoiced and 203 Units Delivered in July and August
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.
About 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.
Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov.. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications 55 Broadway, 19th Floor New York, New York 10006 Email: ir@ideanomics.com
Valerie Christopherson / Lora Wilson Global Results Communications (GRC) +1 949 306 6476 valeriec@globalresultspr.com
“The global electric vehicle market at $39.8 billion in 2018 is projected to reach $1.5 trillion by 2025. Units sales are anticipated to reach 97 million vehicles worldwide by 2025.”
Oro Cabs, a Gurgaon based app based startup has initiated a set of new schemes to protect the interests and rights of cab drivers active in major cities of India. *The startup promises zero commission and zero subscription fees from the cab drivers and full freedom of earning for the period of 90 days. *The startup aims to reach 100000 cab drivers present in 20 major cities of India. Aligned with the vision of Hon’ble Prime Minister Mr. Narendra Modi’s Vocal for Local, Oro Cabs, a Gurgaon based app based startup has initiated a set of new schemes to protect the interests and rights of cab drivers operating in major cities of India. The startup aims to reach 100000 cab drivers present in 20 cities and welcome them to join its service platform by providing them luring benefits and to give an edge to edge competition to major foreign brands in the cab service industry of India. Arpan Aggarwal, Founder and CEO, Oro Cabs said, “With 3 years of experience in Cab Industry we got to know the Pain points and we were addressing the same since the beginning and now we are targeting 1,00,000 drivers in 20 cities to join our platform with Rs 3,000/- per driver for 90 days without any deduction. As our vision goes, More Saving for Riders – More Earning for Drivers, we are trying to create a niche in the industry itself which will prove to be mutually beneficial for the rides as well as drivers. Our policies are very gentle and welcoming to consumers. Our goal is to provide financial stability to cab drives so they can enjoy a trouble-free working life and we are here to take care of their needs that are typically ignored by the industry’s leading players. “he added. The startup promises zero commission and zero subscription fees from the cab drivers and full freedom of earning for the period of 90 days. Cab drivers active in major cities namely, Kanpur, Lucknow, Varanasi, Allahabad, Delhi, Gurgaon, Noida, Ghaziabad, Faridabad, Udaipur, Jaipur, Bhopal, Indaur, Chandigarh, Patna, Ahmedabad, Surat, Kolkata, Mumbai and Pune can avail the offer and enjoy exclusive benefits offered by the startup to share the pride of Vocal for Local.
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