MEG and Partner Develop new Plan to Facilitate Sale of 2000 EV Buses in China

CRRC EV Bus

MEG and partner Beijing Silk Road Rainbow Group have jointly developed a new energy bus plan to help facilitate the sale of more than 2000 EV buses in China

CRRC EV Bus

Ideanomics has announced that its subsidiary – Mobile Energy Global (MEG) and partner Beijing Silk Road Rainbow Group have jointly developed a new energy bus plan to help facilitate the sale of more than 2000 EV buses in China through selecting manufacturers with the capability to fulfill multiple large-scale orders.

The EV bus manufacturers include CRRC, Zhong Tong, Shanghai Shenli, and Yunnan Wulong.

The Chinese government mandated that bus operators must convert or replace their bus equipment with clean energy vehicles by the end of 2022. MEG, through its consortium of EV auto manufacturers, EV battery manufacturers, and financing partners, provides a unique value proposition to fleet operators – the ability to procure high volume discounts through a variety of manufacturers. The new energy bus plan with Beijing Silk Road Rainbow Group furthers MEG’s ability to participate in China’s substantial EV bus market.

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 group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions.

In May, we had reported that MEG had finalised its EV and Energy business units under the S2F2C (Sales-to-Financing-to-Charging) model. Each business unit has been developed to focus on a key area of revenue and is part of the Company’s plans to onboard diversified revenue streams as it scales in Asia and beyond, having its own team and revenue objectives to provide focus and accountability as MEG activities scale in 2020 and beyond.

In November 2019, we had reported that the firms’ MEG division had secured an order for 35,000 Electric Vehicle (EV) taxis from the Yunnan Energy Investment Group, which is a province-designated entity for clean energy transportation solutions in China. The order was signed as part of broader cooperation with Yunnan Energy, which will start with EV taxis and develop into other vehicles’ orders and also energy purchasing and charging.