Ideanomics Inc. (NASDAQ: IDEX) EV Tractor Subsidiary Names CEO as EV Market Continues Global Growth, Evolution

  • Zero-emissions electric tractor manufacturer Solectrac recently announced that agriculture and construction industry veteran Mani Iyer will succeed the company’s founder as CEO as Solectrac enters an anticipated period of new growth
  • Solectrac is a subsidiary of clean energy-focused company Ideanomics Inc., which announced its 100 percent acquisition of the EV tractor manufacturer and distributor last month

The electric vehicle (“EV”) market continues its push toward maturity as many of the world’s governments struggle to enact systemic change to their energy policies as a response to persistent concerns about the global climate (https://ibn.fm/9iw8G). New York-based EV company Ideanomics (NASDAQ: IDEX) is helping to advance clean energy enterprises in response to the established need for solutions.

Multinational accounting and professional services network Ernst & Young Global Limited (“EY”) has predicted EVs will become more popular than internal combustion engine (“ICE”) gas-powered vehicles by 2033 in the United States, Europe and China, just over a decade from now, while more conservative forecasts tack another five years onto the timeline but otherwise agree about the ascendance of EVs in the world’s auto industries, according to an analysis published July 6 by InsideEVs (https://ibn.fm/2kBxQ).

Ideanomics boosted its stake in Solectrac to 100 percent last month, acknowledging the importance of EV technology not only to transportation but to the agricultural industry as well (https://ibn.fm/450Tb). As such, Solectrac is advancing to a leading position in what is currently a limited field of competition within the specialized EV sector with a product that is fully scalable and able to generate revenue.

On July 1, the company announced Solectrac’s new CEO will be agriculture and construction industry veteran Mani Iyer, with expectations that his experience in international equipment sales and marketing, business strategy and development, channel development, supply chain management, product support and service, manufacturing, and quality assurance will help the company build manufacturing and distribution scale for its EV tractor products (https://ibn.fm/Vq5Fb).

Iyer is building on a record of delivering distribution and supply chain innovation that has granted him a reputation for proven results within the tractor industry and beyond.

“Through a relentless focus on reducing the total cost of ownership, creating a category-leading portfolio of best-in-class tractors and accessories, and driving the buildout of a world-class dealer network, Solectrac will be poised for rapid market share and revenue expansion,” Iyer stated. “We will also leverage lending and financial services from Ideanomics Capital to jumpstart sales through innovative financing and promotions in both our online and dealer channels for a simple and seamless buying experience.”

Solectrac’s founder and former CEO Steve Heckeroth led the search for his successor and will continue with the company as chairman of the board, according to the announcement.

“Mani brings a wealth of experience in supply chain and channel distribution, along with a stellar network of dealer relationships, all of which will be invaluable to the growth of the company as we continue to lead the zero-emission, regenerative farming movement,” he stated.

For more information, visit the company’s website at www.Ideanomics.com.

NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX

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