Ideanomics has announced a massive new vehicle order through its MEG subsidiary from truck services firm Zhitong 3000’s holding company Jiangsu Linghao Network Technology Co Ltd. The overall order is broken into three order types, comprised of 3,000 units of heavy haulage transportation vehicles at a unit cost of 400,000 RMB (approx. $57,000), 1,000 units of heavy dump trucks for use in transportation of slag and mined ore at a cost of 420,000 RMB (approx. $60,000), and 800 passenger-class cars at a cost of 160,000 RMB (approx. $23,000).
The total order is in the region of 1.8 billion RMB, or $250 million. The vehicles will be procured from a number of manufacturers within MEG’s partner alliance and will be subject to a rolling delivery schedule throughout 2020. MEG had previously announced an agreement with Zhitong 3000 to offer services to its commercial fleet operators. The deal will see Zhitong act as procurement partner for these initial orders, to streamline the purchase, delivery, and financing placement.
Ideanomics is a global company 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 financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs, in order to acquire large-scale customers with energy needs which are monetised through pre-paid electricity and EV charging offerings.
In December 2019, MEG announced a strategic partnership agreement with the Inner Mongolia Autonomous Region People’s Government. Currently in the region there are over 120,000 diesel and fossil fuel powered heavy duty and off-road mining vehicles. Some 80,000 of these vehicles are designated short distance vehicles and the strategic partnership aims “to replace 50% of those vehicles within 36 months.” MEG partner and Chinese battery giant CATL has spent many years proving large concept battery projects with many major mining companies. CATL battery powered EV trucks have proven a five years’ life span versus the traditional engines used for mining, that have typically lasted less than three years before major and expensive maintenance has been required on their systems.
The deal will is seeing MEG working directly with the Province of the Inner Mongolia autonomous region, as well as working with the City of Erdos and the provincial capital Hohhot. The partners are committed to cut pollution and carbon emissions to zero, as well as to promote the “Blue Sky” initiatives, which are important for the planet and at the same time provide massive cost savings to regions and corporations. Another recently announced agreement in Yunnan province includes the replacement of diesel and fossil fuel powered off road & heavy-duty trucks with electric vehicles (EVs).
