Ideanomics shares soar 17.6% premarket on news of order for 2,000 units of its BYD D1 electric ride-hailing vehicle

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Ideanomics said Monday its Mobile Energy Global unit and contractor Qingdao Chengyang Medici have signed an agreement with Meihao Chuxing, a joint venture between China’s BYD and Didi, to purchase an initial 2,000 units of its model BYD D1 electric vehicle. The new ride-hailing vehicles will be deployed in many Chinese cities with deliveries expected to start in he first half of 2021. The deal is backed by a “viable government subsidy program, Ideanomics said in a release. The BYD D1 was launched in November and is the first all-electric vehicle for ride-sharing, said the release. The vehicle has a range of 418 km, or 260 miles, and can reach top speeds of 130 km an hour, or 81 miles an hour. Ideanomics shares soared 17.6% premarket and have gained 165% in 2020, while the S&P 500 has gained 16%.
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