Ideanomics' stock soars on heavy volume after order for 200 EVs in China
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Shares of Ideanomics Inc. IDEX, +0.52% soared 53% toward a 19-month high in very active afternoon trading Monday, after the facilitator of the adoption of electric vehicles (EVs) announced an order for 200 EVs in China. Trading volume was 291.2 million shares, compared with the full-day average of about 23.8 million shares, and enough to make the stock the most actively traded on major U.S. exchanges. The company said its Mobile Energy Global (MEG) subsidiary secured the order, which was valued at RMB24 million ($3.2 million), or about $16,000 per vehicle. The company said the order will be filled with Dongfeng Liuzhou S50EV models, with delivery of the vehicles to Neijiang City expected to be completed in mid-July. The stock, which is on track to close at the highest level since November 2018, has rocketed 6-fold (up 506%) over the past three months, while shares of EV rivals Tesla Inc. TSLA, +2.55% have rallied 134% and Nio Inc. NIO, +1.93% have climbed 216% over the same time, and the S&P 500 SPX, +1.79% has gained 35%.
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