- Ideanomics is a New York-based global company driving the adoption of commercial electric vehicles
- CEO, Alf Poor noted at a conference last week that commercial EV adoption is advancing and that the char4ging infrastructure market is expected to grow at a CAGR of 33.4 percent between now and 2028
- The U.S. Department of Energy has also declared that developing solutions for better and more cost-accessible EV batteries is a critical element of its mission
As the electric vehicle market ramps up worldwide, EV owners are pushing for higher performance from the batteries that power their vehicles, which analysts in turn expect to drive further adoption and help to bring down the costs associated with electric vehicles.
“Battery cost is coming down. This is great for the EV industry because this will put us at a parity with the cost of the competitor in the space, which is obviously the internal combustion engine,” Alf Poor, the COO of Ideanomics (NASDAQ: IDEX) said during a March 25 webinar that discussed the market outlook for batteries and charging solutions (https://ibn.fm/rgM9s).
“(But) battery tech is largely old tech,” Poor said. “The charging experience isn’t there yet and the range anxiety and things that go with that is coming on as a result. We need to see a lot more innovation in the battery sector. The good news is billions of dollars are pouring into battery innovation and the density and charging improvements will obviously follow on from that.”
As a publicly held company working to ease the adoption of commercial electric vehicles, Ideanomics has an interest in seeing its revenue stream become more predictable, which the company hopes to accomplish through a battery leasing model in Asia, Poor said.
China leads the EV trade globally, but industry publication Utility Dive recently reported that the number of electric vehicle models available to U.S. consumers is expected to more than triple during the next three years as well, as ancillary solutions for consumer needs such as battery cost parity take place.
Developing solutions for better EV batteries is a critical element of the U.S. Department of Energy’s mission, the agency’s acting deputy assistant secretary for transportation said during a separate webinar hosted by the DOE in December (https://ibn.fm/vZfK1).
Poor’s presentation during the Future of Green ETFs Summit hosted by KraneShares noted that the global EV charging infrastructure market is expected to grow at a CAGR of 33.4 percent between now and 2028, reaching revenues of $144.97 billion — a reflection of the enthusiasm and urgency worldwide for Main Street policies to counter global warming trends.
Poor predicted that commercial EVs will move into mainstream use this year and noted that Bloomberg NEF anticipates commercial EV sales worldwide will reach 1.2 million by 2023.
“We have a unique view across what we believe is the value chain because we have operations in China, South Asia, in Malaysia, in Europe and in North America, and we have interesting subsidiaries and operations and investments in everything in the value chain from charging systems through the two-wheelers and three-wheelers, buses, trucks and even EV tractors on the agricultural side as well,” Poor said.
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