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 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.
Phoenix Motorcars (Nasdaq: PEV) announced its participation in Maxim Group’s Electric Vehicle & Auto Tech Conference on March 30, where CFO Chris Wang and SVP Mark Hastings will join a panel at 4:00 PM EDT. This announcement precedes their Fourth Quarter and Full Year 2022 earnings report scheduled for March 29, post-market close, followed by a conference call at 5:00 PM EDT. Investors can access the live webcast through the Investor Relations section of Phoenix’s website. The company, a leader in electric medium-duty vehicles, is set to launch its EdisonFuture light-duty EV truck by 2025.
Phoenix Motor Inc. (NASDAQ: PEV) has signed a Memorandum of Understanding (MOU) with Matthews Specialty Vehicles, Inc. to jointly produce electric specialty vehicles for commercial uses, including mobile healthcare and public safety. This partnership aims for a minimum of 50 vehicles over three years, responding to the increasing demand for zero-emission solutions. The MOU encompasses product development, manufacturing, and sales for Phoenix’s upcoming Gen 4 and Gen 5 vehicles, with anticipated launches within the next few months and in 2024, respectively. Both companies expect to exceed production targets due to growing demand.
Phoenix Motor Inc. (NASDAQ: PEV) has announced its qualification as a manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act. This credit allows businesses to claim up to
Phoenix Motor Inc. (Nasdaq: PEV) will release its fourth quarter and full year 2022 financial results after market close on March 29, 2023. A live conference call will follow at 5:00 PM Eastern Time, accessible via webcast or telephone. Investors can find the webcast on the Investor Relations page of Phoenix Motorcars' website. The company is a leader in the electric vehicle sector, focusing on medium-duty vehicles and intends to launch its light-duty EV truck, EdisonFuture, by 2025.
Phoenix Motor Inc. (NASDAQ: PEV) has successfully delivered three all-electric, zero emission medium-duty trucks to the City of Salinas, California. This order includes a flatbed and two cargo trucks, accompanied by three Level III charging stations. The trucks can cover up to 110 miles and fully recharge within two to three hours, significantly reducing emissions by approximately 61 tons annually, along with reducing maintenance and fuel costs by 75% and 80%, respectively. The initiative is partially funded by the Monterey Bay Air Resources District's Clean Air Management Program, demonstrating Phoenix's commitment to sustainable vehicle technology.
Phoenix Motor Inc. (NASDAQ: PEV) has signed an Equipment Testing Agreement with Fermata Energy, a leader in V2X bidirectional charging. This agreement enables Phoenix's zero-emission vehicles to use Fermata's technology to serve as mobile energy storage, benefiting customers by enabling revenue generation when vehicles are parked. The partnership aims to enhance grid resilience and provide opportunities for fleet operators to avoid high demand charges. CEO Dr. Lance Zhou emphasized the importance of V2X technology for their medium-duty platform, while Fermata's CEO David Slutzky noted the added benefits for fleet owners.
Phoenix Motor Inc. (NASDAQ: PEV) announced a non-binding Memorandum of Understanding (MOU) with Contemporary Amperex Technology Co., Limited (CATL) to co-develop battery solutions for its electric vehicles. The MOU will ensure a stable supply of batteries for Phoenix’s Gen 4 vehicles and explore future collaborations for Gen 5 and EdisonFuture models. Additionally, the companies will investigate E-rolling chassis technology to enhance vehicle efficiency. This partnership aims to strengthen Phoenix's market position in the commercial electric vehicle sector.
Phoenix Motor Inc. (Nasdaq: PEV) reported third-quarter 2022 revenues of $409,000, down 26% from $554,000 year-over-year due to software issues and battery supply constraints. Gross profit increased to $121,000, reversing a loss of $49,000 in Q3 2021, driven by a favorable product mix. However, net losses grew to $3.9 million, up from $2.2 million in the prior year. For the nine months ending September 30, revenues rose 53.5% to $2.6 million. Phoenix announced key partnerships, including one with CATL for battery supplies and a collaboration with Pegasus for electric school buses.
Phoenix Motor Inc. (NASDAQ: PEV) will release its third quarter 2022 financial results after market close on November 14, 2022, followed by a conference call at 5:00 PM Eastern Time. Investors can access the live webcast on the company's Investor Relations page. Phoenix focuses on manufacturing all-electric medium-duty vehicles and has brands including Phoenix Motorcars and EdisonFuture, aimed at light-duty EVs. The company emphasizes its commitment to electric vehicle technology and market expansion.
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