Ideanomics Inc (NASDAQ: IDEX) is headed for the top in the market this morning yet again, following up on the tremendous gains that we’ve seen from the stock. Yesterday, the company announced that it doubled down on its investment in an electric tractor manufacturer, furthering its leadership role in the commercial electronic vehicles space. There’s a lot to be excited about here:
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IDEX Stock Has More Room for Growth Ahead
As mentioned above, Ideanomics stock has been on a tear for the top recently. Even before the company announced that it doubled down its investment in Solectrac, an electric tractor manufacturer, the stock was running, and for good reason.
Recently, Joe Biden won the United States Presidential Election. That has tremendous implications for the energy industry as a whole.
Biden is no stranger to the environmental impact of greenhouse gasses. In fact, he has been a proponent of clean energy for years, pushing for legislation that leads to increased adoption of clean energy alternatives. Now, he’s going to be the next President of the United States.
What’s that mean for IDEX and others in clean transportation? With transportation being the cause of nearly a third of the greenhouse gasses produced in the United States, a Joe Biden Presidency means everything!
The Biden Administration is likely to move forward with actions like providing tax perks for clean transportaiton companies, offering up potential grants, and providing tax perks for those who buy clean vehicles. This will both increase demand for clean, electric vehicles, while helping to increase profit margins.
In the United States, IDEX is a major play. It’s the go-to manufacturer of commercial electric vehicles, carving out a niche that it has a proven ability to dominate. While electric vehicles only represent a very small sliver of the total commercial vehicles on the road today, in the years ahead, that’s likely to change in a big way, with Ideanomics leading the charge.
So, before the doubled-down investment in Solectrac, IDEX was already a strong play. Now, an increased ownership in an electric tractor manufacter is icing on the cake.
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The Bottom Line
The bottom line here is simple, Ideanomics stock is a strong pick at the moment. With Joe Biden coming into office, the company is likely to benefit from various legislative changes, pushing the United States toward clean energy and clean transportation.
In the United States, if you’re looking for clean-running commercial vehicles, IDEX is the place to look. Moreover, with recent negative reviews on Tesla, investors are looking for EV plays with strong potential, further increasing investor interest in the stock and the opportunity surrounding it. All in all, IDEX stock should be on your watchlist.
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