Phoenix Motorcars Delivers All-Electric, Zero Emission Trucks to City of Salinas

Rhea-AI Summary

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.

Positive

• Successful delivery of three all-electric trucks to the City of Salinas.
• Trucks reduce atmospheric emissions by approximately 61 tons annually.
• Operational maintenance costs reduced by 75%.
• Fuel cost savings of 80% annually.
• Partial funding received from the Monterey Bay Air Resources District.

Negative

• None.

ANAHEIM, Calif.--(BUSINESS WIRE)-- Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, is proud to announce that the company recently fulfilled an order for three all-electric, zero emission medium-duty trucks to the City of Salinas. The Phoenix zero emission vehicles included one flatbed and two cargo trucks, as well as three Level III charging stations.

The medium-duty trucks Phoenix delivered offer a driving range of up to 110 miles, with the ability to be fully charged within two to three hours with a 50-kW Level III charger. Compared to equivalent fossil fueled alternatives, the Phoenix vehicles will reduce atmospheric emissions by approximately 61 tons, maintenance costs by 75% and fuel costs by 80%, annually.

With 4 million all-electric miles driven on Phoenix’s zero emission drive systems to date, the company has unparalleled experience and expertise helping public and private fleets successfully deploy and adopt electric vehicles, cleaning the air and providing clean, quiet and safe zero emission transportation.

The trucks supplied to the City of Salinas were funded in part by the Monterey Bay Air Resources District (MBARD) Clean Air Management Program and the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program.

“Agriculture is the foundation of our local economy, so the air quality and climate in our community matter,” said Salinas Mayor Kimbley Craig. “Replacing three large fleet vehicles helps protect our environment and also significantly reduces operational and maintenance costs. Climate resiliency and environmental sustainability are part of the core values of our Council and improve the quality of life for our residents.”

Phoenix Motorcars CEO Dr. Lance Zhou commented, “Phoenix Motorcars is proud to bring the first zero emission trucks to the City of Salinas. Since our founding 20 years ago, Phoenix has been committed to sustainable vehicle technology and a clean energy future. We are pleased to help Monterey Bay Air Resources District Clean Air Management Program in its efforts and deliver emission and cost savings to the city of Salinas.”

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light- and medium-duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix markets its commercial, medium-duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others) under its “Phoenix Motorcars” brand. Phoenix intends to bring “EdisonFuture” to market by 2025, which is its light-duty EV truck offering for the recreational and commercial market. For more information, please visit: www.phoenixmotorcars.com.

About Monterey Bay Air Resources District

The mission of the Monterey Bay Air Resources District is to Protect Public and Environmental Health while balancing Economic and Air Quality Considerations.

The District is responsible for air monitoring, permitting, enforcement, long-range air quality planning, regulatory development, education and public information activities related to air pollution, as required by the California Clean Air Act and Amendments (HSC Section 40910 et seq.) and the Federal Clean Air Act and Amendments (42 U.S.C. Section 7401 et seq.)

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005322/en/

Investor Relations Contacts:

Mark Hastings, SVP & Head of Investor Relations

Sioban Hickie, ICR Inc.

PhoenixIR@icrinc.com

Source: Phoenix Motor Inc.

FAQ

What recent announcement did Phoenix Motor Inc. (PEV) make regarding truck deliveries?

Phoenix Motor Inc. announced the delivery of three all-electric, zero emission medium-duty trucks to the City of Salinas, California.

How much can Phoenix's medium-duty trucks reduce emissions?

Phoenix's medium-duty trucks can reduce atmospheric emissions by approximately 61 tons annually.

What are the operational cost benefits of using Phoenix's trucks?

Phoenix's trucks can reduce maintenance costs by 75% and fuel costs by 80% annually.

What is the driving range of the trucks delivered by Phoenix?

The delivered trucks have a driving range of up to 110 miles.

How are the trucks powered and how quickly can they charge?

The trucks can be fully charged in two to three hours using a 50-kW Level III charger.