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ANAHEIM, CA / April 15, 2024 /¬†Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced its revenue guidance for the first quarter of 2024. The company expects to report revenue in the range of $8 million to $9 million, representing a significant increase from the $1.8 million recorded in the first quarter of 2023, which was the company’s previous record revenue quarter.

“Our first quarter performance underscores the strength and scalability of our business model,” said Denton Peng, CEO of Phoenix Motor. “Our ability to significantly increase revenue is a testament to our innovative product line, the growing market demand for electric vehicles, and continued favorable government policies supporting electrification.”

The anticipated increase in revenue is attributed to a number of strategic initiatives undertaken by Phoenix Motor over the past year, including the acquisition of Proterra’s transit business and the launch of new products designed to meet the evolving needs of the commercial transportation sector.

“Looking ahead, we remain focused on leveraging our core competencies to further penetrate the markets we serve, while also exploring new opportunities to expand our reach,” added Peng. “We are committed to leading the transition to sustainable transportation and believe our strategy aligns well with the increasing global emphasis on reducing carbon emissions.”

About Phoenix Motor Inc.

Phoenix Motor, a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, “Phoenix”, which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and “EdisonFuture”, which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: https://phoenixev.ai/.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “continue,” “expect,” “believe,” “anticipate,” “estimate,” “predict,” “outlook,” “potential,” “plan,” “seek,” and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s current expectations and speak only as of the date of this release. Actual results may differ materially from the Company’s current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the “Risk Factors” section of the Company’s annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact:

Tyler Leach
Marketing Manager
PhoenixEV
909-987-0815
tleach@phoenixmotorcars.com

PhoenixEV