Welcome to our dedicated page for Phoenix Motor news (Ticker: PEV), a resource for investors and traders seeking the latest updates and insights on Phoenix Motor stock.
Phoenix Motor Inc. (NASDAQ:PEV) is a trailblazer in the electric vehicle (EV) industry, specializing in electrification solutions for the commercial vehicle sector. The company designs, develops, manufactures, and integrates electric drive systems and brings to market a wide range of light- to medium-duty EVs. Operating through two primary brands, Phoenix Motorcars and EdisonFuture, the company caters to various segments, including transit buses, shuttle buses, school buses, commercial trucks, and electric vehicle chargers for both residential and commercial use.
Phoenix Motorcars focuses on medium- and heavy-duty commercial vehicles. Recent projects include the development of a fourth-generation drivetrain for Class-4 shuttle buses and trucks, which promises enhanced efficiency and safety features. The company prides itself in being one of the earliest electric commercial vehicle manufacturers in the U.S., boasting over 150 fleet customers to date. In recent news, Phoenix Motor announced a strategic partnership with Cennatic Power to supply advanced battery packs specifically designed for its range of commercial EVs.
EdisonFuture, on the other hand, aims to offer light-duty electric vehicles that appeal to consumer markets. This brand's goal is to expand Phoenix Motor's footprint into broader vehicle categories, ensuring they cover a comprehensive range of electrified transportation solutions.
Financial health and growth opportunities are key to Phoenix Motor's strategic initiatives. The company recently signed a waiver agreement with JAK Opportunities II LLC, one of its principal investors, thereby eliminating a potential $12 million convertible promissory note issuance. This move reflects strong investor confidence in the company's operational strategy and is expected to enhance shareholder value by preventing dilution of existing shares.
Phoenix Motor is also committed to enhancing its brand presence and market penetration. The company participated in the Advanced Clean Transportation (ACT) Expo, showcasing a wide array of commercial EV solutions, including transit buses, shuttle buses, and delivery trucks. The expo served as a platform to unveil their new branding strategy and highlight the synergies derived from integrating their legacy medium-duty business with new innovations.
Looking ahead, Phoenix Motor is poised to scale its production capabilities further, with plans to ramp up manufacturing at its Anaheim, California facility and a new location on the East Coast. These expansions will benefit from synergies with the transit bus production facility in Greenville, South Carolina, allowing Phoenix Motor to meet growing demand for medium-duty EVs.
For more information, visit www.phoenixmotorcars.com.
Phoenix Motor (NASDAQ:PEV) has appointed Tony Zhou as its new Chief Technology Officer (CTO), effective January 20, 2025. Zhou brings over 20 years of expertise in autonomous driving and AI technologies, previously serving as Head of ADAS Advanced Software Engineering at Lucid Motors. He succeeds Dr. Frank Lee, who will continue as Vice President of Engineering until his planned retirement in mid-2025.
Zhou's background includes leadership roles at major OEMs like General Motors and FAW. He holds 10 patents in advanced autonomous driving technologies and previously served as Senior VP of Autonomous Driving at Phoenix Motor during its 2021 public offering. At Phoenix Motor, Zhou will lead the development of next-generation autonomous driving buses and commercial EVs. He holds a Ph.D. and master's degree in electrical engineering from Wayne State University.
Phoenix Motor (NASDAQ:PEV) announces an exclusive live investor webinar and Q&A session scheduled for January 21, 2025, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature CEO Denton Peng discussing the company's leadership in zero-emission electric commercial transportation solutions.
The company's vehicles have achieved over 55 million all-electric miles, resulting in $30 million in fuel cost savings and reducing carbon emissions by more than 16 million pounds - equivalent to 8,100 acres of forest sequestration. Phoenix Motor's product line includes electric shuttle buses, school buses, utility trucks, and transit buses.
Phoenix Motor (NASDAQ:PEV) received a delisting notice from Nasdaq due to non-compliance with listing rules after failing to timely file its Q3 2024 10-Q report. The company has until January 21, 2025 to submit a compliance plan. If accepted, Nasdaq may grant an extension until May 19, 2025 to regain compliance. The company's stock continues trading under PEV symbol while they work to complete and file the delayed quarterly report. If the compliance plan is rejected, Phoenix Motor can appeal to a Nasdaq Hearings Panel.
Phoenix Motor (NASDAQ:PEV) reported strong Q2 2024 financial results with revenue surging 937% to $12.03 million from $1.16 million in Q2 2023. Gross profit improved to $1.83 million from a loss of $0.06 million, while net loss decreased to $2.26 million from $3.18 million year-over-year. The company delivered five electric buses to UC Irvine and secured a contract for four buses with UC San Diego. Cash position strengthened to $1.40 million, and total equity reached $21.86 million. The company also appointed new COO and CFO, while successfully negotiating a waiver eliminating a potential $12 million convertible note issuance.
Phoenix Motor (NASDAQ:PEV) announces an exclusive live investor webinar and Q&A session scheduled for November 18, 2024, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature presentations from CEO Denton Peng, CFO Michael Yung, and CCO Jose Paul. Phoenix Motor, a manufacturer of heavy-duty transit buses and electrification solutions, will showcase its achievements, including over 55 million all-electric miles driven, $30 million in fuel cost savings, and 16 million pounds of carbon emissions reduction. The company's product line includes electric shuttle buses, school buses, and utility trucks.
PhoenixEV, a division of Phoenix Motor Inc. (Nasdaq:PEV), has announced a project to deliver four all-electric transit buses to the University of California San Diego by early 2025. These 35-foot buses will help decarbonize last-mile transportation on campus, reducing particulate emissions and supporting the university's sustainability goals. The addition will bring UC San Diego's electric fleet to 20 percent.
CEO Denton Peng highlighted that this marks the third University of California campus to deploy PhoenixEV's zero-emission shuttles and transit buses. The project aligns with UC San Diego's commitment to decarbonization by 2045.
Phoenix Motor, operating under the brands PhoenixEV and EdisonFuture, specializes in designing, building, and integrating electric drive systems, as well as manufacturing heavy-duty transit buses and commercial EVs.
Phoenix Motor Inc. (NASDAQ:PEV) reported record financial results for Q1 2024, with net revenues increasing to $9.4 million from $1.8 million in the prior year period. The company achieved a net income of $14.8 million, or $0.49 per share, compared to a net loss of $2.8 million in Q1 2023. Key highlights include:
- Completed acquisition of Proterra's Transit business and battery lease portfolio
- Received order for six zero-emission electric buses from Raleigh Durham International Airport
- Formed partnership with InductEV for wireless vehicle charging technology
- Appointed new COO and CFO
- Raised $11.1 million through private placements
- Unveiled new branding and began production of fourth-generation drivetrain
- Announced plans for AI development center and Bitcoin payment option
PhoenixEV, a division of Phoenix Motor Inc. (NASDAQ:PEV), has announced its membership in the American Public Transportation Association (APTA), reinforcing its commitment to sustainable transportation solutions. This partnership grants PhoenixEV access to a network of industry leaders and advocacy resources in the public transportation sector.
As part of this initiative, PhoenixEV will be exhibiting at the upcoming APTA TRANSform Conference in Anaheim, California, from September 28th to October 2nd. Attendees can visit booth #125 to explore PhoenixEV's electric vehicle solutions for public transportation.
CEO Denton Peng emphasized the alignment between PhoenixEV's all-electric transit buses, paratransit buses, trucks, and infrastructure solutions with the transit industry's zero-emission goals. Interested parties can schedule meetings with PhoenixEV representatives at the conference by contacting sales@phoenixmotorcars.com.
Phoenix Motor Inc. (NASDAQ:PEV), a manufacturer of heavy-duty transit buses and electrification solutions provider, has rescheduled its Q1 2024 earnings call to October 3, 2024. The company reiterated its guidance for Q1 2024, expecting to report record revenue of $9.4 million, surpassing the previous guidance of $8-9 million. This represents a significant increase from the $1.8 million recorded in Q1 2023. Phoenix Motor also anticipates reporting record gross profit and net income for Q1 2024.
The earnings call is scheduled for October 3, 2024, at 4:30 p.m. ET. Interested parties can join via phone or webcast. A replay of the call will be available until October 17, 2024.
Phoenix Motor (Nasdaq: PEV) has rescheduled its Q1 2024 earnings call to September 23, 2024, at 4:30 p.m. ET. The company reiterates its record revenue guidance for Q1 2024, expecting to report $9.4 million in revenue, surpassing the previous guidance range of $8-9 million. This represents a significant increase from the $1.8 million recorded in Q1 2023, which was the company's previous record quarter.
Phoenix Motor, a leading manufacturer of heavy-duty transit buses and electrification solutions provider, also anticipates reporting record gross profit and net income for Q1 2024. The earnings call will be accessible via phone and webcast, with a replay available until October 7, 2024.
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