Ideanomics Qingdao EV Hub Announces Order from Tianjin Zhongcheng

21 Jun 2020

Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce that its Mobile Energy Global (MEG) Qingdao EV Hub has secured an order from Tianjin Zhongcheng Jiaye Automobile Trading Co., Ltd. (Tianjin Zhongcheng). 

Toyota LandCruiser

Toyota LandCruiser

The order is for a total of 42 vehicles valued at RMB 31 Million, or USD 4.4 Million, or approximately USD $100,000 per vehicle. The order will be fulfilled with Toyota Land Cruiser models, and subject to final negotiations with manufacturers, financing, government licensing, etc., delivery of the vehicles to Tianjin Zhongcheng is expected to commence later this month.

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.

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