Ideanomics to Buy 2,000 Electric Vehicles From BYD-Didi

Ideanomics signs an agreement to buy an initial 2,000 electric ride-hailing vehicles from a joint venture between China's BYD and Didi.
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Ideanomics  (IDEX) - Get Report shares rose Monday after the electric vehicle-related company announced that it has signed an agreement to buy an initial 2,000 electric ride-hailing vehicles from Meihao Chuxing, a joint venture between China's BYD and Didi.

Ideanomics’ Mobile Energy Global unit and its contracting entity Qingdao Chengyang Medici will take the vehicles, which are intended for deployment in multiple cities within China, Ideanomics said. It expects deliveries to begin in the first half of next year. The company is based in New York, with several offices in China.

Ideanomics was at $2.66, up 17.18%, in premarket trading Monday. The stock has soared 164% year to date amid enthusiasm for EV stocks.

"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,” Ideanomics CEO Alf Poor said in a statement. “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."

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