Ideanomics Formalizes Agreement with BeiBen Heavy Truck

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Ideanomics, a global company focused on monetizing the adoption of commercial electric vehicles (EV), has entered a strategic framework agreement with EV heavy truck and bus manufacturer BeiBen Heavy Truck Co. Ltd. 

The framework agreement is designed to establish a long-term strategic partnership that will create a platform to increase the speed and efficiency of commercial vehicle adoption. The framework agreement is preliminary in nature, and its implementation will be subject to legally binding definitive transaction documents to be negotiated and entered into between Ideanomics and BeiBen.

“Heavy trucks, like those used in mining, comprise a small fraction of vehicles used in commercial fleet operations, and yet are responsible for contributing a disproportionately large amount of the pollutants released into the environment,” says Alf Poor, CEO of Ideanomics.

“We are proud to collaborate with BeiBen, a leading truck manufacturer committed to EV advancement, who will bring a tremendous amount of strategic value and resources to our manufacturing partners alliance for the benefit of our commercial fleet customers,” he adds.

Under the agreement, BeiBen will provide electric heavy truck manufacturing, research and development, sales, operations and other resources. MEG, Ideanomics’ EV division, will provide its existing new energy vehicle platform, including its financial services network, marketing capabilities, government relationships, and partners upstream and downstream.

Photo: Ideanomics Heavy Truck

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