Ideanomics subsidiary Energica strengthens its position in the ASEAN region with entry into high-value Japanese, Australian markets

NEW YORK,Dec. 12,2022 -- Ideanomics(NASDAQ: IDEX),a global company focused on accelerating the commercial adoption of electric vehicles (EV),today announces that its subsidiary Energicahas started selling its high-performance electric motorcycles in Japan and Australia. The first batch of motorbikes will arrive in both countries in Q1 2023.

"Japan is a key market for us. Energica's presence in Japan was sealed in August at the eight-hour Suzuka Circuit where our bikes were acclaimed for their performance during the numerous test laps at this prestigious and world-renowned endurance race," says LiviaCevolini,Energica Motor Company CEO. "Our partnership with Estar & Co.,Ltd. in January 2020 has also improved our efforts in developing our Asia-Pacific network."

Japan is a priority market for Energica,where nearly 10.3 million two-wheel vehicles are registered and more than 83,000 motorcycles over 250cc,Energica's target market,were sold in 2021. Demand for EVs in Japan is growing fast,driven by regulations restricting vehicle emissions and a rapidly growing EV charging network. However,established OEMs have slowly introduced high-performance electric motorcycles in the 250-cc category. Energica will move fast to fill this gap and become the high-performance electric motorcycle of choice for Japan's motorcycle enthusiasts.

In 2020,Energica established a strategic partnership with Estar & Co.,Ltd. to import motorcycles into Japan.Estar & Co.,Ltd.has opened a mono-brand showroom in Kobe,on the man-made island of Rokkō Island,where riders can come and test drive any Energica's Eva Ribelle,Egoand EsseEsse9+. They have also developed a distribution network throughout the country.

In Australia,Australian Electric Motor Co. has partnered with Energica to offer a premium selection of electric motorcyclesin Australia and New Zealand. Last year,motorcycle sales in these two countries hit a 15-year high with more than 100,000 new units sold,which makes these markets lucrative for further EV expansion.

"Ideanomics has committed to extending Energica's footprint across the globe," says Robin Mackie,Ideanomics Mobility CEO. "This new market entry into Japan and Australia will contribute to what we anticipate a strong fourth quarter and long-term consistent revenue growth."

Energica has a proven track record of supplying motorcycles to customers across the ASEAN region. Recently,the company partnered with UTOMOCORP to deliver 88 EsseEsse9+ bikes to the Indonesian National Police. Additionally,Ideanomics subsidiary Treeletrik is providing after-sales support to Energica for the ASEAN region and has begun collaborating with Energica on joint sales and marketing strategies.

In Europe and Asia Pacific,Energica has added 12 new sales points since the beginning of the fourth quarter totaling 130 Energica dealers and importers worldwide. Year to date,Energica has sold 78% more motorcycles compared to the same time last year. Additionally,Energica already has a substantial backlog of orders for its newest product offering – the Green Tourer Experia.

With ongoing support from Ideanomics,Energica is accelerating the disruption of the global two-wheeler market with its high-performance electric motorcycles. The company also provides technology and expertise to other industries through its EnergicaInside business unit. Ideanomics is solving the complexity of fleet electrification,offering fleet operators everything they need to electrify faster,easier and more affordably,all in one place.

About Ideanomics

Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles,charging and financing solutions under one roof,we are the one stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics,please follow the company on social @ideanomicshq or visit https://ideanomics.com.

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Contacts:

Ideanomics,Inc.

Tony Sklar,SVP of Investor Relations

1441 Broadway,Suite 5116,New York,NY 10018

ir@ideanomics.com

Theodore Rolfvondenbaumen,Communications Director

Trolfvondenbaumen@ideanomics.com