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Greenville, South Carolina / October 16, 2024/ Phoenix Motor Inc.’s (Nasdaq: PEV) PhoenixEV, a leader in electric vehicle (EV) development for the commercial sector, today announced its work on four all-electric transit buses for the University of California San Diego, to be delivered in early 2025.

The 35-foot electric buses from PhoenixEV will be deployed to decarbonize the last mile transportation, reducing particulate emissions on campus and in the neighborhoods around the university. The new buses, which will bring the university fleet to 20 percent electric, will also support campus sustainability goals. UC San Diego has committed to decarbonization by 2045.

“UC San Diego is a leader in sustainability, and we are happy to help them achieve their decarbonization goal,” says Denton Peng CEO of PhoenixEV. “This project will mark the third University of California campus to deploy our zero-emission shuttles and transit buses.”

About PhoenixEV

Phoenix Motor, a pioneer in the electric vehicle (“EV”) industry, specializes in designing, building, and integrating electric drive systems, along with manufacturing heavy-duty transit buses and medium- to light-duty commercial EVs. The company operates under two primary brands: “PhoenixEV,” focusing on commercial products such as heavy and medium-duty EVs (including transit buses, shuttle buses, school buses, and delivery trucks), and “EdisonFuture,” aimed at offering light-duty EVs. Phoenix is committed to being a leading designer, developer, and manufacturer of electric vehicles and EV technologies. To learn more, please visit www.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.