Ideanomics reports 102 electric vehicles delivered from its Mobile Energy Global division during October

Ideanomics Inc (NASDAQ:IDEX) announced its Mobile Energy Global (MEG) division sales for October that saw the firm deliver 102 units throughout the month.

All of the units sold were taxi and ride-hailing vehicles, the New York-based company said in a statement.

An additional 340 units that were invoiced between July and September are expected to be delivered shortly, according to the group.

READ: Ideanomics reports triple-digit 3Q revenue growth on EV sales in China

MEG provides group purchasing discounts on commercial electric vehicle fleets, EV batteries and electricity as well as financing and charging solutions (S2F2C). MEG, which is based in China, said that the country’s two major national holidays during October could cause delivery volumes to decrease for the month.

“As we enter the final months of 2020, our sales efforts are focused on progressing opportunities for larger vehicle orders towards completion, and expanding our deliveries into battery systems and charging piles as part of testing programs with our customers and partners,” Alf Poor, CEO of Ideanomics, said in a statement.

“As we look to round out Q4 and 2020, our goal is to deliver quarter over quarter growth while building our order book so that we can hit the ground running in 2021.”

The Ideanomics Capital division, meanwhile, provides fintech solutions that include intelligent and innovative financial services and solutions powered by AI and blockchain.

Last week the firm reported its third-quarter 2020 results that showed revenue for the quarter soaring 243% year-over-year to $10.6 million, most of which came from MEG’s electric vehicle sales.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors