The Malaysian government, through its subsidiary Tree Motion Sdn Bhd, has entered into an exclusive agreement with US-based Ideanomics, a global fintech company, for the purchase of electric buses. Malaysian municipalities are financing the procurement of electric buses through the asset-backed lease financing model.
As per the agreement, Ideanomics will receive fees from asset-backed lease financing as well as commissions on the sales of all electric buses purchased by the Malaysian government. The company anticipates receiving a commission of between 15 per cent and 20 per cent on the sale of electric buses, and between 1 per cent and 2 per cent from lease financing. Ideanomics plans to supply around 60,000 electric buses.