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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.
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.
Phoenix Motor Inc. (NASDAQ:PEV) has received a delinquency notification letter from Nasdaq due to non-compliance with Listing Rule 5250(c)(1). The company failed to timely file its Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, and June 30, 2024. This follows a previous notification received on May 22, 2024, for the March 31 filing.
Phoenix Motor has until November 18, 2024, to regain compliance by submitting all delinquent filings. The company must provide an updated compliance plan by September 3, 2024. While the delinquency has no immediate effect on the stock's listing, failure to meet Nasdaq's requirements could lead to potential delisting. Phoenix Motor is working to complete and file the overdue reports as soon as possible.
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.
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