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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 Inc. (Nasdaq: PEV) has rescheduled its Q1 2024 earnings call to September 9, 2024, at 4:30 p.m. ET. The company reiterates its guidance for record revenue of $9.4 million in Q1 2024, surpassing the previously issued range of $8-9 million. This represents a significant increase from the $1.8 million recorded in Q1 2023, which was the previous record quarter. Phoenix Motor, a leading manufacturer of heavy-duty transit buses and electrification solutions provider, also expects to report record gross profit and net income for Q1 2024. The earnings call will be accessible via phone and webcast, with a replay available until September 23, 2024.
PhoenixEV, a subsidiary of Phoenix Motor Inc. (Nasdaq:PEV), has delivered five 40' ZX5 battery electric buses to the University of California, Irvine (UCI) in May 2024. This marks a significant expansion into the educational market for PhoenixEV. UCI, the first university in the nation to go all-electric, has been operating an electric fleet since January 2018, with 25 buses covering over 1.1 million miles. The university's ridership for the 2023-2024 academic year reached 1,464,378, with buses averaging 3,555 miles weekly.
UCI charges its fleet using a state-of-the-art microgrid, resulting in a cost of $0.37 per mile, compared to $1.53 per mile for diesel. This partnership aligns with UCI's commitment to sustainability, aiming to ensure that at least 50% of fleet acquisitions are zero or low-emission vehicles.
Phoenix Motor has updated its guidance for Q1 2024, expecting record revenue of $9.4 million, surpassing the previous guidance of $8 million to $9 million. This marks a substantial increase from the $1.8 million recorded in Q1 2023.
The company also anticipates reporting record gross profit and net income for the quarter.
The first quarter's performance was driven by the acquisition of Proterra's Transit business, which added heavy-duty transit buses to Phoenix's product lineup and boosted overall results despite filing requirement delays.
The Q1 earnings call has been rescheduled to August 15, 2024 at 4:30 p.m. ET.
Phoenix Motor recently announced the acquisition of Proterra's transit bus division, forming the new brand PhoenixEV. This strategic move unites expertise from both companies, significantly strengthening PhoenixEV's position in the zero-emission vehicle market. With over 1,200 electric buses already in operation across the U.S. and over 55 million miles driven, PhoenixEV aims to provide a comprehensive range of sustainable transportation solutions. The combined capabilities cover medium and heavy-duty shuttles, trucks, school buses, and transit buses. PhoenixEV is committed to continuing its leadership in vehicle electrification and supporting its existing customers with continued service and parts support. Additionally, PhoenixEV unveiled a new brand identity and website, reflecting its dedication to advancing zero-emission technology.
Phoenix Motor (Nasdaq:PEV), a company specializing in heavy-duty transit buses and electrification solutions for medium-duty vehicles, has rescheduled its first quarter 2024 earnings call. The new date is Thursday, July 11, 2024, at 4:30 p.m. ET. Interested participants can join the live call via U.S. toll-free or international phone numbers, and an audio-only webcast link is provided. For those who miss the live broadcast, a replay will be available until July 4, 2024, through specified dial-in numbers and a replay pin number.
Phoenix Motor (Nasdaq: PEV), a leading maker of heavy-duty transit buses and electrification solutions for medium-duty vehicles, has rescheduled its first quarter 2024 earnings call to Thursday, June 20, 2024, at 4:30 p.m. ET.
The call can be accessed via phone or webcast. A replay will be available until July 4, 2024.
Phoenix Motor (Nasdaq: PEV), a leading manufacturer in the heavy-duty transit bus and medium-duty vehicle electrification sectors, has rescheduled its first quarter 2024 earnings call. Originally planned for an earlier date, the call will now take place on Thursday, June 6, 2024, at 4:30 p.m. Eastern Time.
Participants can join the live call by dialing +1-877-407-9039 (U.S. Toll-Free) or +1-201-689-8470 (International). An audio-only webcast is also available. For those unable to attend, a replay will be accessible until June 20, 2024, by dialing +1-844-512-2921 (U.S. Toll-Free) or +1-412-317-6671 (International) and using replay pin number: 13746794.
Phoenix Motor announced that it received a delinquency notification letter from Nasdaq on May 22, 2024, due to its failure to timely file its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately affect the company's stock listing, which continues to trade under the symbol 'PEV'. According to Nasdaq rules, Phoenix Motor has until July 22, 2024, to submit a plan to regain compliance, potentially extending the deadline to November 18, 2024, if accepted. The company is working to complete and file the Form 10-Q promptly.
Phoenix Motor (Nasdaq:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions for medium-duty vehicles, rescheduled its first quarter 2024 earnings call to May 30, 2024, at 4:30 p.m. ET. The event will provide detailed financial results and updates, accessible via a live call or webcast. For those unable to attend, a replay will be available until June 13, 2024.
Phoenix Motor (NASDAQ:PEV), a key player in the heavy-duty transit bus manufacturing and medium-duty vehicle electrification sectors, will host a conference call on May 23, 2024, at 4:30 p.m. ET to discuss its Q1 2024 financial results. The discussion will cover operational and financial highlights for the quarter ending March 31, 2024. Interested parties can join the call via U.S. Toll-Free at +1-877-407-9039 or internationally at +1-201-689-8470 using the conference ID 13746794. For those unable to attend, a replay will be available until June 3, 2024, by dialing +1-844-512-2921 (U.S. Toll-Free) or +1-412-317-6671 (International) with the replay pin 13746794.
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