Phoenix Motor Announces New Autonomous Vehicle Development for Food and Beverage Delivery

Rhea-AI Summary

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.

Positive

• Entry into new market segment of autonomous delivery vehicles
• Strategic partnership with Silicon Valley-based delivery company
• Initial confirmed order for 10 vehicles with expansion potential

Negative

• Unspecified timeline for project completion
• Undisclosed financial terms of the partnership
• Early-stage project with uncertain market success

ANAHEIM, CA / ACCESS Newswire / February 6, 2025 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced a strategic initiative to develop autonomous electric vehicles tailored for the food and beverage delivery industry. This initiative will commence with a pilot project in collaboration with a Silicon Valley-based food delivery service company in California.

As part of this partnership, Phoenix Motor will design and manufacture a fleet of autonomous food delivery electric vehicles (EVs) to meet the increasing demand for last-mile delivery solutions. The initial phase of the project includes the production and deployment of ten autonomous delivery vehicles as part of a trial program, with plans for future expansion based on performance and market demand.

"Phoenix Motor is excited to enter the autonomous food and beverage delivery space, leveraging our expertise in commercial EV technology to create a next-generation solution for urban logistics," said Denton Peng, CEO of Phoenix Motor. "With autonomous technology expected to transform the transportation industry, this collaboration represents a significant milestone in our commitment to innovation and sustainability."

The new autonomous delivery vehicles will integrate advanced self-driving capabilities to optimize route efficiency, reduce operational costs, and enhance the overall consumer experience. This initiative aligns with Phoenix Motor's broader vision of providing cutting-edge mobility solutions that drive efficiency and sustainability in the commercial transportation sector.

The company will work closely with its Silicon Valley-based partner to refine vehicle specifications, software integration, and operational logistics to ensure seamless performance in real-world delivery applications. Phoenix Motor will manufacture the vehicles, while its partner will define specific operational requirements to meet the evolving needs of the food and beverage delivery market.

About Phoenix Motor Inc.

Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: phoenixev.ai.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact:

ir@phoenixev.ai
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
PEV@redchip.com

SOURCE: Phoenix Motor Inc.

View the original press release on ACCESS Newswire

FAQ

How many autonomous delivery vehicles will Phoenix Motor (PEV) initially produce for the pilot program?

Phoenix Motor will initially produce and deploy ten autonomous delivery vehicles as part of the trial program.

Where will Phoenix Motor (PEV) launch its autonomous delivery vehicle pilot program?

The pilot program will be launched in California in collaboration with a Silicon Valley-based food delivery service company.

What is the purpose of Phoenix Motor's (PEV) new autonomous vehicle initiative?

The initiative aims to develop autonomous electric vehicles for food and beverage delivery, focusing on last-mile delivery solutions with optimized route efficiency and reduced operational costs.

Who will be responsible for manufacturing the autonomous delivery vehicles in Phoenix Motor's (PEV) new initiative?

Phoenix Motor will manufacture the vehicles, while their Silicon Valley partner will define the operational requirements.