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Ideanomics unveils branding for newly named electric vehicle sales division Medici Motor Works

Published: 19:54 24 Jun 2020 BST

Ideanomics truck
Medici Motor Works is active in Asia, particularly China, and plans to expand to Korea and North America in the near future

Ideanomics Inc (NASDAQ:IDEX), the commercial electric vehicle services company with offices in the US and China, has turned to the Mediterranean for inspiration for its truck, specialty vehicle and hydrogen fuel cell (H2FC) division, choosing the name Medici Motor Works.

The new division, part of the company's Mobile Energy Global electric vehicle segment, is ramping up its activity in the battery electric vehicle (BEV) and H2FC markets internationally. 

“The story behind the branding stems from the Medici family of Italy, which rose to political and financial prominence in Europe in the Middle Ages and has endured throughout the centuries,” Ideanomics wrote in a statement Wednesday. “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.”

READ: Ideanomics says Town of West Hartford interested in its 58-acre property eyed as a fintech village

Medici Motor Works is active in Asia, particularly China, and plans to expand to Korea and North America in the near future. The company is focused on serving the varied needs of commercial fleet operators. BEV trucks, for instance, are better for short hauls and closed-circuit operations, whereas H2FC trucks are well suited for long-distance hauling, the company said.

“The development of the branding is a modern interpretation of the symbol of Lorenzo de'Medici, who used the Borromean Rings as his emblem,” Ideanomics wrote.“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,” the company added. “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.”

—A previous version of this story incorrectly suggested that Mobile Energy Group had been renamed—

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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