What is going on with IDEX?
Ideanomics (IDEX) stock fell today after the company announced it had acquired US Hybrid, an American based company that specializes in the design and manufacturing of zero emission powertrain components for electric and hybrid vehicles. Shares of IDEX declined 0.40% to $2.49 as of Thursday at 10:58am.
What does this mean for Ideanomics?
Ideanomics acquisition will give them added expertise in powertrain technology, a field which US Hybrid specializes in. US Hybrid's DC-DC converters will also be an asset as they possess high efficiency ratings and fast dynamic response capabilities. Additionally, IDEX will be able to leverage US Hybrid's long history of dealings in the United States, which include long-term commercial relationships in several industries including Commercial, Defense & Aerospace, and Transit/Municipal industries.
Alf Poor, Ideanomics CEO, stated, "The acquisition of US Hybrid is a significant one for our EV efforts across the Ideanomics Mobility division and is the stepping-stone we were looking for to ensure we provide vehicles and technologies that can proudly allow us to state the meaningful components are Made in America. We are excited to bring Dr. Goodarzi and team into the Ideanomics family, they have been exceptional to work with throughout our discussions."
IDEX stated that US Hybrid will continue to service its existing customer base, while Ideanomics will assist them in scaling their business operations to include the entire Ideanomics Mobility business division.
IDEX has a Fundamental Rank of 84. Find out what this means to you and get the rest of the rankings on IDEX!
Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports 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 a model (S2F2C). Ideanomics Capital provides fintech solutions that include intelligent and innovative financial services and solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital, provide their global customers and partners with more efficient solutions for a greener economy. The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
