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NetworkNewsBreaks – Ideanomics (NASDAQ: IDEX) Subsidiary Expands Tractor Reservation Capability

Company: Ideanomics (IDEX)
Category: News

Ideanomics (NASDAQ: IDEX) has noted that a portfolio company, Solectrac Inc., has announced a new reservation campaign for its all-electric tractors. With demand for Solectrac’s all-electric tractors markedly increasing, the company designed a process whereby customers can pay as little as $1,000 to reserve their place in the production line. Solectrac is the first manufacturer and distributor of quiet, zero-emission electric tractors in North America. The company has a long-term goal to reduce carbon output in farming and utility work. Based on the response to its tractors, it has ramped up manufacturing capabilities to meet demand. The tractors that Solectrac is taking reservations for are its 40 HP-equivalent eUtility tractor and the four-wheel drive 30 HP-equivalent compact electric tractor (“CET”). Both tractors are designed to outperform similar diesel models by eliminating exhaust and noise and through the benefit of instant torque at low RPM. Solectrac’s electric tractors can be charged from renewable energy such as solar or wind or through the utility grid. Maintenance and fuel costs over the lifetime of Solectrac’s tractors have been determined to be one-third that of a diesel tractor. “We are excited to see the continued interest in our all-electric tractors,” said Ideanomics CEO Alf Poor in the press release. “This new reservation system allows Solectrac to significantly decrease the initial cost of ownership for its tractors in high demand. The 2021 lineup of all electric tractors continues to showcase the best of Solectrac’s power, efficiency and connectivity for the growing agtech industry.”

To view the full press release, visit https://nnw.fm/nGVeQ

About Ideanomics

Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The company’s Mobile Energy Global (“MEG”) division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy-management solutions under its innovative sales to financing to charging (“S2F2C”) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide the company’s global customers and partners with leading technologies and services designed to improve transparency, efficiency and accountability, and provides IDEX shareholders with the opportunity to participate in high-potential, growth industries. For more information about the company, please visit www.Ideanomics.com.

About NetworkNewsWire

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