Ideanomics’ stock soars after doubling investment in electric tractor maker

These charts show one possible silver lining of the pandemic

<p>Shares of Ideanomics Inc. IDEX, + 28.33%, climbed 31.8% on significant volume in pre-market trading on Monday, after the company focused on investing in disruptive technologies announced the doubling of its investment in Solectrac Inc., based in California, which manufactures electric batteries. tractors. Trading volume was 11.4 million shares before the opening, already almost hitting the daily average of around 11.7 million shares. Ideanomics said it has invested an additional $ 1.3 million in Solectrac, bringing its stake to 24%. Ideanomics announced on October 22 an investment of $ 1.3 million to buy back the 14.7% stake in Solectrac. Ideanomics stated that the latest investment enabled it to recognize its stake in Solectrac using the equity method under generally accepted accounting principles (GAAP). “We believe that Solectrac has enormous potential and, given the increase in product demands and the investment interest they see, we have exercised our rights to increase our stake in order to be able to help Solectrac to evolve to meet anticipated market demand, ”said Alf Poor, Managing Director. The stock is up 80.0% year-to-date through Friday, while the S&P 500 SPX, -0.67%, gained 10.1%.