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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 achieved a significant milestone by surpassing 60 million zero-emission miles driven across its product lineup. The company's electric vehicle portfolio includes 35' and 40' transit buses, medium-duty shuttle buses, work trucks, delivery vehicles, and Type A school buses, serving diverse customers such as transit agencies, airport parking operators, municipalities, school districts, universities, and corporate fleets.
CEO Denton Peng emphasized Phoenix's role in reducing transportation-related emissions, noting that commercial vehicles account for approximately 25% of such emissions. The commercial EV industry is projected to reach $55.9 billion by 2029, with a CAGR of 26.4%. As one of the earliest US manufacturers of electric commercial vehicles, Phoenix continues to expand its presence across key industries.
Phoenix Motor Inc. (NASDAQ:PEV) announced the formation of EdisonFuture International Co., , a wholly-owned subsidiary based in Hong Kong, to expand its global electric vehicle business. The new entity will focus on international opportunities in the Caribbean, South America, Europe, and Asia, leveraging Phoenix Motor's EV technologies and brand strengths.
While Phoenix Motor's existing brands 'PhoenixEV' and 'EdisonFuture' serve U.S. customers with medium/heavy-duty commercial EVs and light-duty EVs, the new subsidiary will utilize international supply chain resources, financial networks, and market development strategies for global expansion. The Hong Kong-based operation will initially focus on leveraging Asian supply chain networks and working with regional partners to introduce Phoenix Motor's EV technologies to commercial fleets, logistics providers, and municipalities.
Phoenix Motor (NASDAQ:PEV) has announced its return to compliance with Nasdaq listing requirements following the resolution of a temporary non-compliance period. The company, which specializes in heavy-duty transit buses and electrification solutions, had received a notification from Nasdaq on November 20, 2024, regarding non-compliance with Rule 5250(c)(1) due to delayed financial report filings.
The compliance issue was resolved on February 12, 2025, when Phoenix Motor filed its Form 10-Q for the period ended September 30, 2024. Nasdaq has confirmed that the company now meets all requirements under the Rule, and the matter has been closed.
Phoenix Motor (NASDAQ:PEV), a manufacturer of heavy-duty transit buses and electrification solutions for medium-duty vehicles, announces an upcoming live investor webinar scheduled for March 6, 2025, at 4:15 p.m. ET. The event, hosted by RedChip Companies, will feature CEO Denton Peng and include a Q&A session.
The company will showcase its leadership in zero-emission, all-electric commercial transportation solutions, highlighting its fleet's achievement of over 55 million all-electric miles. Phoenix Motor's current product line encompasses medium- and heavy-duty electric vehicles, including shuttle buses, school buses, utility trucks, and transit buses.
Phoenix Motor (NASDAQ:PEV) has announced a strategic initiative to develop autonomous electric vehicles for food and beverage delivery, starting with a pilot project in collaboration with an unnamed Silicon Valley-based food delivery service company in California. The initial phase includes the production and deployment of ten autonomous delivery vehicles as part of a trial program, with potential future expansion based on performance and market demand.
The vehicles will integrate advanced self-driving capabilities focused on route efficiency optimization, operational cost reduction, and enhanced consumer experience. Phoenix Motor will handle vehicle manufacturing while working with their Silicon Valley partner to refine specifications, software integration, and operational logistics for real-world delivery applications.
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.
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