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Phoenix Motor Inc. reports developments tied to its electric commercial vehicle business, including heavy-duty transit buses, medium-duty shuttle buses and trucks, and light-duty EV products under the PhoenixEV and EdisonFuture brands. The company designs, builds and integrates electric drive systems for zero-emission fleet applications serving municipalities, transit agencies, airports, universities and commercial operators.
Recurring Phoenix Motor news includes financial results, revenue guidance, customer orders for electric shuttle and transit buses, product updates such as the MEV2/LSV delivery vehicle and Z-400 shuttle bus, manufacturing and supply agreements, international market expansion, and corporate-status updates related to its public listing and OTC quotation.
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Phoenix Motor Inc. (Nasdaq: PEV) has announced the promotion of Dr. Frank Lee to Chief Technology Officer and the hiring of Dr. Joseph Xiang as Vice President of Electrical and Software Engineering. This strategic move aims to enhance the company's operational capabilities and support its global growth strategy in the medium-duty electric vehicle (EV) market. Dr. Lee brings over 30 years of experience in vehicle development, while Dr. Xiang adds 35 years of engineering expertise, particularly in the automotive sector. The company is focused on manufacturing all-electric medium-duty vehicles and aims to be a leader in electric vehicle technology.
Phoenix Motor Inc. (Nasdaq: PEV) reported a strong performance for Q4 and the full year of 2022. Q4 net revenues reached $1.8 million, up 35% year-over-year, driven by electric vehicle sales. Gross profit improved to $0.3 million, reversing a loss from the previous year. For the entire year, revenues were $4.3 million, a 45% increase from 2021, with gross profit at $0.8 million. The net loss narrowed to $12.7 million from $14.6 million in 2021. Key highlights include partnerships for electric vehicle development and the anticipated production of Gen 4 vehicles in summer 2023, with plans for a ground-up chassis design in 2024.