PHOENIX MOTOR INC. - PEV STOCK NEWS

Phoenix Motor Inc. (NASDAQ: PEV) has signed a Memorandum of Understanding (MOU) with Matthews Specialty Vehicles, Inc. to jointly produce electric specialty vehicles for commercial uses, including mobile healthcare and public safety. This partnership aims for a minimum of 50 vehicles over three years, responding to the increasing demand for zero-emission solutions. The MOU encompasses product development, manufacturing, and sales for Phoenix’s upcoming Gen 4 and Gen 5 vehicles, with anticipated launches within the next few months and in 2024, respectively. Both companies expect to exceed production targets due to growing demand.

Phoenix Motor Inc. (NASDAQ: PEV) has announced its qualification as a manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act. This credit allows businesses to claim up to $40,000 for all-electric commercial vehicle models exceeding 14,000 pounds GVWR. For lighter vehicles, a credit of $7,500 is available. The initiative, effective from January 1, 2023, aims to boost electric vehicle adoption. Dr. Lance Zhou, CEO, emphasized the affordability of all-electric vehicles supported by this credit, enhancing Phoenix's mission for environmentally friendly transportation.

Phoenix Motor Inc. (Nasdaq: PEV) will release its fourth quarter and full year 2022 financial results after market close on March 29, 2023. A live conference call will follow at 5:00 PM Eastern Time, accessible via webcast or telephone. Investors can find the webcast on the Investor Relations page of Phoenix Motorcars' website. The company is a leader in the electric vehicle sector, focusing on medium-duty vehicles and intends to launch its light-duty EV truck, EdisonFuture, by 2025.

Phoenix Motor Inc. (NASDAQ: PEV) has successfully delivered three all-electric, zero emission medium-duty trucks to the City of Salinas, California. This order includes a flatbed and two cargo trucks, accompanied by three Level III charging stations. The trucks can cover up to 110 miles and fully recharge within two to three hours, significantly reducing emissions by approximately 61 tons annually, along with reducing maintenance and fuel costs by 75% and 80%, respectively. The initiative is partially funded by the Monterey Bay Air Resources District's Clean Air Management Program, demonstrating Phoenix's commitment to sustainable vehicle technology.

Phoenix Motor Inc. (NASDAQ: PEV) has signed an Equipment Testing Agreement with Fermata Energy, a leader in V2X bidirectional charging. This agreement enables Phoenix's zero-emission vehicles to use Fermata's technology to serve as mobile energy storage, benefiting customers by enabling revenue generation when vehicles are parked. The partnership aims to enhance grid resilience and provide opportunities for fleet operators to avoid high demand charges. CEO Dr. Lance Zhou emphasized the importance of V2X technology for their medium-duty platform, while Fermata's CEO David Slutzky noted the added benefits for fleet owners.

Phoenix Motor Inc. (NASDAQ: PEV) announced a non-binding Memorandum of Understanding (MOU) with Contemporary Amperex Technology Co., Limited (CATL) to co-develop battery solutions for its electric vehicles. The MOU will ensure a stable supply of batteries for Phoenix’s Gen 4 vehicles and explore future collaborations for Gen 5 and EdisonFuture models. Additionally, the companies will investigate E-rolling chassis technology to enhance vehicle efficiency. This partnership aims to strengthen Phoenix's market position in the commercial electric vehicle sector.

Phoenix Motor Inc. (Nasdaq: PEV) reported third-quarter 2022 revenues of $409,000, down 26% from $554,000 year-over-year due to software issues and battery supply constraints. Gross profit increased to $121,000, reversing a loss of $49,000 in Q3 2021, driven by a favorable product mix. However, net losses grew to $3.9 million, up from $2.2 million in the prior year. For the nine months ending September 30, revenues rose 53.5% to $2.6 million. Phoenix announced key partnerships, including one with CATL for battery supplies and a collaboration with Pegasus for electric school buses.

Phoenix Motor Inc. (NASDAQ: PEV) will release its third quarter 2022 financial results after market close on November 14, 2022, followed by a conference call at 5:00 PM Eastern Time. Investors can access the live webcast on the company's Investor Relations page. Phoenix focuses on manufacturing all-electric medium-duty vehicles and has brands including Phoenix Motorcars and EdisonFuture, aimed at light-duty EVs. The company emphasizes its commitment to electric vehicle technology and market expansion.

Phoenix Motor Inc. announced the appointments of Dr. Frank Lee as Vice President of Engineering and Dr. Bo Yang as Vice President of Fuel Cell Business. Dr. Lee, with over 30 years of EV development experience, previously worked at Karma Automotive and BYD Auto. Dr. Yang has 21 years in fuel cell power systems and recently served at the California Air Resources Board. These appointments aim to enhance Phoenix's management team as it pursues growth in zero-emission vehicle production.