- Medici Motor Works is the name for MEG's truck, specialty vehicle, and H2FCV sales division
- Branding for the division is built on a thesis of strength and longevity
- Medici Motor Works will focus on BEV and H2FC fuel trucks to support the broader truck industry
NEW YORK, June 24, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") MEG is pleased to introduce the branding and positioning for its truck, specialty vehicle, and H2FCV division, which was recently renamed Medici Motor Works. The renaming and branding are part of the division's ramping up of activities in the fast-growing BEV and H2FC truck market.
The story behind the branding stems from the Medici family of Italy which rose to political and financial prominence in Europe during in the middle ages and has endured throughout the centuries. Much the same way the Medici family utilized its vast resources to transform the world of its time, Medici Motor Works also aims to draw upon its vast resources to transform today's world. While the Medici family used its assets to usher in the Renaissance and an innovative flowering of art, science and inductive reasoning, Medici Motor Works is drawing on its assets to usher in a clean, green future for the automotive industry.
The development of the branding is a modern interpretation of the symbol of Lorenzo de'Medici, who used the Borromean Rings as his emblem. In mathematics, the Borromean Rings consist of three topological circles, which are linked, but where removing any one ring leaves the other two unconnected, the system collapses. The Borromean Rings (symbolizing a connected system) is actually an ancient concept that can be found throughout the world, spanning many cultures. It appeared in early Buddhist art, Viking rune stones and Roman mosaics as far back as thousands of years ago. Besides being a symbol for the strength and power of unity, the Rings can also represent the karmic laws of the universe and the interconnectedness of life.
Medici Motor Works is focused on delivering the best truck and specialty vehicle experience for commercial fleet operators. Battery electric vehicles ("BEV") and hydrogen to fuel cell vehicles ("H2FC") are not an either / or decision for truck operators, the need for BEV or H2FC is dependent on the intended vehicle usage and to some extent the price point as well. BEV trucks are good for short haul and closed-circuit operations, such as mines, airports, steel mills, seaports, etc., and H2FC trucks are more suited to long distance haulage, offering the potential for reduced refueling stops and the introduction of self-driving autonomous vehicles as a solution to driver fatigue. Medici Motor Works is already active in Asia and is looking to expand into Korea and the North American markets in the near future.
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in Beijing, Guangzhou and Qingdao, China.
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