Ideanomics Inc.

Ideanomics had a strong quarter. The EV and charging businesses performed well, generating significant revenue growth compared to last year. Solectrac and Energica, in particular, demonstrated strong growth and demand in the agriculture and motorcycle markets. The introduction of the Inflation Reduction Act in 2022 signaled government support for the commercial EV industry, and Ideanomics expects this to drive further growth in the retail EV sector. The company strategically invested in VIA Motors and Energica, showcasing their potential and strengthening their market position. Ideanomics remains committed to its capital investment for future profitability, with an optimistic outlook driven by the increasing demand for the company’s products and services. Additionally, Ideanomics has been actively expanding its production and sales capacity, particularly in the electric tractor market, with Solectrac operating North America’s largest dedicated electric tractor assembly facility. Despite the challenges faced in the macroeconomic environment, the company’s focus on EV-related businesses and the consistent year-on-year revenue growth in the sale of EVs and related products indicate a positive trajectory. We give Ideanomics a ‘Hold’ rating with a revised target price.