Ideanomics Acquires EV Tractor Builder Solectrac For Undisclosed Sum

Ideanomics Inc IDEX had acquired premium zero-emission electric tractor manufacturer and distributor Solectrac Inc.
The financial terms of the transaction remain undisclosed.
Solectrac enhances Ideanomics' ecosystem of EV businesses with a premium offering in the rapidly growing agriculture sector on the cusp of EV adoption.
The Solectrac electric tractor line-up is fully scalable and market-ready to generate revenue in the U.S. with proven demand.
Ideanomics held $356 million in cash and equivalents as of Mar. 31, 2021.
Price action: IDEX shares traded lower by 1.59% at $3.09 in the premarket session on the last check Monday.

Posted In:

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.