Ideanomics' agreement with dasheng licheng financial leasing for innovative ev financing

Ideanomics announced an agreement with dasheng licheng (beijing) financial leasing co. ltd. to provide an innovative lease financing program for aaa+-rated state-owned entities (soe's) and other enterprise fleet operators. the electric vehicle (ev) commercial sector differs from traditional vehicle lease financing, which has been built on 100-plus years of residual values of combustion engine vehicles. the battery and battery storage in electric vehicles comprise a much higher percentage of the vehicle's overall value, both new and used, requiring a new structure of financing to avoid imposing increased upfront deposits on fleet operators. the agreement has been designed with a consortium of insurance companies as investing partners in order to make financing programs flexible enough to meet the needs of the burgeoning ev market. the insurance company partners include china life, china property insurance, pacific insurance, taiping insurance, ping an insurance, and urtrust insurance. these partners have committed up to rmb 100 billion for the inner mongolia heavy duty trucks replacement project.
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