Ideanomics will leverage its uniquely synergistic Capital and Mobility divisions to further support partner Energica, which manufactures and distributes ultra-high-performance electric motorcycles. In response to increasing consumer and dealer interest, the two Ideanomics divisions will team up to rollout a new dealer floor plan financing arrangement with the goal of more than doubling Energica dealers in the United States by the end of 2021, targeting markets that have demonstrated a propensity for early electric vehicle adoption.
On September 15, Ideanomics launched a tender offer to increase its ownership stake in Energica from 20% to approximately 70% after Energica nearly doubled sales in 2020, followed by strong performance in the first half of 2021. This success has fueled a rapid expansion in the European market as well as Asia, the Middle East, and Africa.
The addition of more authorised Energica dealers and other retail points in the US will help drive consumer brand awareness and increase market share.
“American consumers are ingrained in the dealer culture. They have to be able to see, touch, feel, and ride these beautiful machines to make a purchase decision. We are proud to enable a much more prominent and accessible dealer footprint for Energica, and expect this to be a critical step to scale and grow our revenue in 2022 and beyond,” said Kristen Helsel, Chief Revenue Officer of Ideanomics. “More importantly, this dealer financing marks the first of many activities where we will leverage the strength of Ideanomics Capital to drive EV sales growth on the mobility side of the business.”
Stefano Benatti, US CEO of Energica, said, “Without question, it is the exhilarating acceleration and seamless power that riders experience on a test ride, that finally converts them from a conventional internal combustion bike to one of our electric motorcycles. Now that we can expand our dealer network, we will be able to offer this experience to more US riders than ever, furthering our goal to help transform the motorcycle business for years to come. The vision that Ideanomics has for Energica and their ability to help propel our growth has provided a unique opportunity to quickly scale our product throughout the US, and serve as a template for future dealer expansion. This is the first of many steps we hope to take as Ideanomics and Energica partner together.”