Ideanomics (NASDAQ:IDEX) may not be a household name, but electric vehicle lovers are increasingly bullish on IDEX stock. In fact, after a major company announcement earlier today, IDEX stock was up nearly 20%. So what was that announcement? And what else do you need to know?
Before diving in, investors need to understand that Ideanomics is an outside-the-box way to invest in electric vehicles. Essentially, the company works to boost consumer adoption by providing financing, vehicle procurement and leasing solutions. As InvestorPlace analyst Louis Navellier wrote earlier this week, Ideanomics is a fintech company with an EV focus.
So where does the big move in IDEX stock today come from? Well, Ideanomics conducts its electric vehicle business through its Mobile Energy Global (MEG) arm. As part of that, it invests in Solectrac to electrify agriculture and develop all-electric tractors. Through MEG and the specific Medici unit, it also recently purchased 2,000 ride-hailing vehicles from BYD (OTCMKTS:BYDDF). As part of this, Ideanomics plans to deploy these vehicles within China during the first half of 2021. And according to CEO Alf Poor, this deal delivers exactly what customers are looking for.
But Ideanomics made an even bigger announcement today that has IDEX stock soaring…
Poor announced at the Roth Capital Partners EV Symposium that while Tesla (NASDAQ:TSLA) may be like the Apple of electric vehicles, Ideanomics was set to be the Android. That comment — and his plans for the future of the company — have sparked great excitement.
What to Know About IDEX Stock
Clearly, investors really like the comparison. And it should come as no surprise, particularly following up on big plans from Medici earlier in December. Then, investors learned that Medici was working to roll out a series of all-electric vehicles starting in 2021. Importantly, these vehicles will be available in the United States and Canada. And Ideanomics has a wide variety of vehicles in the works. According to the presentation, the company will have motorbikes, delivery vans, different buses and heavy-duty trucks.
Perhaps most importantly, Ideanomics sees these Medici vehicles as having a real advantage. Through existing partnerships and technology knowledge, these vehicles could cost 15%-20% less than those of Ideanomics competitors.
With the Android approach, essentially allowing for more flexibility and customization, Ideanomics is looking to big things in the future. And with a few more investor presentations lined up for January, bulls are running wild.
As with any high-flying stock, it is important to be cautious. However, EV bulls should certainly keep IDEX stock on their radars.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.