Phoenix Motorcars Expands EV Shuttle Bus Fleet at Los Angeles International Airport with WallyPark Airport Parking

ANAHEIM, Calif.--(BUSINESS WIRE)-- Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced delivery of three new all-electric shuttle buses to WallyPark (“WallyPark”), a parking service provider. The addition of these new all-electric shuttle buses augments WallyPark’s current fleet of over 30 electric shuttle buses, supporting its mission to lower fleet maintenance costs and to support the energy transition by providing cleaner air.

“We are proud of our long-standing relationship with WallyPark. Our electric vehicles have been operating at Los Angeles International Airport for over seven years, and the fleet has accumulated millions of real-world miles, playing a critical role in helping to meet the transit needs for travelers and improve air quality around the airport,” Phoenix Motorcars Chief Revenue Officer Jose Paul commented. “The new deployments were made possible with funding support from the US EPA in association with the South Coast Air Quality District and also with funding from the California HVIP program.”

With over 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 into their fleets, cleaning the air quality and providing clean, quiet and safe zero emission transportation and mobility for their companies and communities.

“Phoenix Motorcars is proud to be able to support WallyPark’s commitment to sustainable vehicle technologies through the use of zero emission vehicles,” Denton Peng, CEO of Phoenix Motorcars, commented. “We are pleased Phoenix’s all-electric shuttle buses will be able to provide cost savings and significant emission savings to the airport and its surrounding community.”

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 operates two primary brands, “Phoenix Motorcars,” which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, 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. For more information, please visit: www.phoenixmotorcars.com.

About WallyPark LAX Airport Parking

WallyPark is where great trips begin and end. We streamline your travel with convenient, affordable off-airport parking. Our goal is to simplify and enhance the travel experience, so you can forget about parking and focus on what really matters. For more information, please visit: www.wallypark.com

Forward-Looking Statement

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 factors include, among others, 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 20-F 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230713466346/en/

Investor Relations:

Mark Hastings, Senior Vice President of Corporate Development & Strategy/Head of Investor Relations

Media Relations:

Dave Davis, Marketing Manager

marketing@phoenixmotorcars.com

Source: Phoenix Motor Inc.