Ideanomics Secures EV Bus Sales Agreement with Malaysian Government

Ideanomics (NASDAQ:IDEX) announced that it has entered into an sales agreement for electric vehicle (EV) buses with the Malaysian Government.

As quoted in the text release:

Under the terms of the deal, Ideanomics will receive commissions on the sales of all EV Buses purchased by the Malaysian government in addition to fees generated from the asset backed lease financing which will facilitate the municipal financing of the bus electrification program in Malaysia. Commissions on EV purchases are anticipated in the range of 15-20%, fees from the leases financing are anticipated in the range of 1-2%. Ideanomics is targeting approximately 60,000 local buses to be replaced with electric vehicles under its program.

The securing of the exclusive sales in addition to the lease financing positions Ideanomics and its local subsidiary as a leading EV player in the ASEAN market, and it expects to use Malaysia as a launch pad for other sales in the region.

“This agreement helps solidify Ideanomics position as a key partner to municipal and national governments looking to transform their gas-powered public transportation infrastructure into modern and efficient vehicles that significantly reduce the environmental impact of buses and other vehicles currently in use,” said Dr. Bruno Wu, Chairman of Ideanomics. “We look forward to our upcoming visit to Malaysia to begin working with our partners in the region.”

Click here for the full text release.