NEW YORK, Oct. 26, 2022 /PRNewswire/ — Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that a new vehicle assembly line at the Solectrac Windsor facility is fully operational, effectively tripling the production capacity of the e25 electric tractor. Ideanomics can now produce a total of 4,100 powerful, quiet and zero-emission Solectrac tractors annually.
“When Ideanomics acquired Solectrac, we committed to growing Solectrac’s production capacity and product offerings,” said Robin Mackie, Ideanomics Mobility president. “In less than one year, we efficiently increased production capacity by 300% and are now selling Solectrac tractors coast to coast across the United States through our rapidly expanding dealer showroom program. This is a remarkable accomplishment for any player in the EV space.”
The Windsor facility assembly line features modern technology, enabling more efficient and safer operations. As the only company with electric tractor assembly facilities on the west and east coast of the U.S., Ideanomics and Solectrac are positioned to capture a greater share of the fast-growing market. Each facility is configured to assemble eight Solectrac tractors per day, with the ability to quickly ramp up assembly as needed.
In 2023, Ideanomics expects to commence assembly of the e70N tractor at the Windsor and Denton facilities, as well as introduce new models to the market. Solectrac’s new range of tractors will incorporate advanced engineering and battery technology from Energica, modular and future-forward styling from Ideanomics Design as well as telematics and performance data from Ideanomics Digital.
Solectrac tractors assembled at the Windsor facility can feature an internet-connected telemetry device that collects data between tractors and customers to improve productivity, visibility, and maintenance. Customers can use a SolecSmart portal to remotely adjust their tractor’s settings before starting work and view reports on their tractor’s performance when the work is complete.
The combination of government incentives, volatile diesel fuel costs and corporate commitments to climate actions will accelerate the growth of electric machinery in the off-road market. For example, Solectrac recently supplied 17 e25 electric tractors to large customers in California. The California CORE program enabled these transactions to take place.
Recently, Solectrac introduced its SolecSave app, offering customers total cost of ownership data, environmental statistics and a way to find incentive programs in their locations.
Seventy-five people worked more than 10,000 hours to complete the facility expansion. During construction, Ideanomics’ contracted with local vendors on everything from the installation of the assembly line to the new electric sign. Furthermore, the Windsor facility is powered by solar panels supplying an average of 80kWh daily.
Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. The Company views Solectrac’s electric tractors as a flagship solution for the fast-growing, high-value off-road vehicle market. Ideanomics expects revenue from Solectrac to double in 2023.
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company’s ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company’s filings with the SEC. These and other factors are identified and described in more detail in the Company’s filings with the SEC, including, without limitation, the Company’s most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.
Tony Sklar, SVP of Investor Relations
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Theodore Rolfvondenbaumen, Communications Director
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