Shares of Ideanomics, Inc. (NASDAQ:IDEX) were rapidly rising today after the company announced that its subsidiary had received a new order of electric vehicles.
As of 12:21 p.m. EDT, Ideanomics stock had gained 74.3%.
Ideanomics announced this morning that the city of Neijiang, China, placed a $3.2 million order of 200 electric vehicles to the company's Mobile Energy Global subsidiary. Ideanomics said the order will be fulfilled with its Dongfeng Liuzhou S50EV models.
The company said in a press release, "The US GAAP accounting treatment for the anticipated revenue from the above orders will not be finalized until the order transactions complete." Ideanomics added that the delivery of the vehicles isn't expected to be completed until mid-July.
Shares of Ideanomics had been relatively flat over the past year until they began jumping this month. Several things have likely helped contribute to the company's share price gains over the past few weeks, including Ideanomics entering into a joint venture to create an investment company focused on infrastructure projects in China, positive economic data coming out the U.S., and the company's rising electric vehicle sales.
Investors have pushed the company's share price up an astonishing 418% over the past six months, compared to the S&P 500's 3.4% loss. Though the company has reported several bits of positive news over the past month, the rapid share price gains in such a short time could mean that an eventual pullback could be on the horizon, particularly with so much global economic uncertainty right now.