Ideanomics to partner with Anhui Ankai Automobile Co.
Ideanomics has announced it has signed an agreement to partner with Anhui Ankai Automobile Co., a leading industry manufacturer and sales enterprise for bus markets, servicing a full range of small, medium, and large buses. The partnership will extend the service offering of Ideanomics' recently-established NETS Group and will provide bus and tour bus operators with benefits ranging from factory/group purchasing power, through to streamlined ABS financing services. The partner will service major state-owned tourism groups, major domestic tourism associations and/or their members including tour agencies, hotels, parks and tour transportation operators, and other sources through official industry associations. Under the terms of the deal Ideanomics is entitled to up to 10% commission on bus orders it introduces, the exact commission will be dependent on the make, model, and specification of the buses ordered, as well as any discounted pricing negotiated as part of the sales order. In return for the commissions, Ideanomics will seek to place a minimum of 10,000 orders with Ankai from its previously announced deals. The parties have agreed to cooperate on sales and marketing activities in Malaysia and the broader ASEAN region, as well as Europe and the United States. Ideanomics also earns fees from asset-backed financing services it arranges through its banking and financial services relationships. Furthermore, both parties have agreed to cooperate on new energy initiatives, including electric battery, hydrogen, and charging station networks, with Ideanomics contributing its relationships with leading partners in this field. Ideanomics is currently working with a number of partners in this area and plans to also derive a share of the recurring revenues from the charging networks it is partnering to facilitate.