Ideanomics Explodes After China Orders 200 EVs

Shares of Ideanomics skyrocketed to a 19-month high on Monday on heavy trading volume after China placed an order for 200 EVs.

The stock soared 53% after the facilitator of the adoption of electric vehicles (EVs) announced the order. With trading volume at 291.2 million shares, compared with the full-day average of about 23.8 million shares, the stock was the most actively traded on major U.S. exchanges.

Ideanomics said its Mobile Energy Global (MEG) subsidiary secured the order, which was valued at RMB24 million ($3.2 million), or about $16,000 per vehicle.

The order will be fulfilled with Dongfeng Liuzhou S50EV models and, subject to final negotiations with manufacturers, financing, government licensing, etc., delivery of the vehicles to Neijiang City is expected to be completed mid-July.

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 is focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its 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. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

Disclaimer: We have no position in Ideanomics Inc. (NASDAQ: IDEX) and have not been compensated for this article.