Ideanomics’ MEG Bags Second Order for EV Taxis in China

Ideanomics has announced that its MEG division has secured an order for 2,300 EV Taxis from the City of Guilin, in Guanxi province of China

Ideanomics has announced that its Mobile Energy Global (MEG) division has secured an order for 2,300 EV Taxis from the City of Guilin, in Guanxi province of China though MEGs partner QuianXi.

Delivery of the EV taxis will commence in the first half of 2020. China has been encouraging its provincial governments to adopt blue sky environmental regulations which support the adoption of clean energy vehicles, particularly those with high energy usage such as the commercial vehicle sector

Recently, we had reported that the firm had secured an order for 35,000 Electric Vehicle (EV) taxis from the Yunnan Energy Investment Group, which is a province-designated entity for clean energy transportation solutions in China.

“This deal comes on the back of our recent orders in Yunnan province and the city of Chengdu, Sichuan, and is part of our progression into other provinces,” said Alf Poor, CEO of Ideanomics. “Taxis are a prime target market, as the need for conversion to EV is easy to understand and implement by local authorities. Our S2F2C model to support the EV programs is being well received. We’re excited to get the program underway in Guilin and look forward to expanding our relationship with the city and province.”

Taxis are an important part of the transportation system in China, where its largest cities rely heavily upon them for helping the population navigate the dense traffic congestion of urban areas. Legislators in China have been quick to identify taxis as a significant segment of fossil fuel consumption and have encouraged regional taxi commissions and their licensed operators to convert over to electric vehicles through a mixture of legislation and rebate incentives.

Taxis are one of the four key revenue segments for MEG, which is also developing innovative umbrella financing solutions to help streamline the adoption of EV by commercial fleet operators.