Phoenix Motorcars To Exhibit New Gen 4 Electric Drive System At Annual ACT Expo 2023

ANAHEIM, Calif.--(BUSINESS WIRE)-- Phoenix Motor Inc. (the “Company” or “Phoenix”) (Nasdaq: PEV), a leader in manufacturing of all-electric, medium-duty vehicles, will be exhibiting its new Gen 4 medium-duty electric drive system for fleet service at the Advanced Clean Transportation (ACT) Expo at the Anaheim Convention Center, next Monday through Thursday, May 1-4 at booth #5364.

The Phoenix engineering team refined the new chassis layout to optimize space for the newly designed battery packs that are fastened towards the front and rear of the frame rails. The new Gen 4 design increases ground clearance, making it more favorable for fleets and depot hubs where various road conditions can be an issue.

Phoenix’s Gen 4 vehicles will initially be equipped with a 90-kWh battery pack offering up to 150-mile range and can be fully charged in one to two hours with a 100-kW Level III charger. These new vehicles are expected to reduce atmospheric emissions by ~61 tons per vehicle annually, reduce maintenance costs by 75% and lower fuel costs by 80%, all compared to their equivalent internal combustion engine vehicles. Charging options are also available including V2G (vehicle to grid) and wireless charging.

Phoenix Motorcars will also be unveiling and performing live demonstrations of its new Phoenix Exchange battery swap station at a special event at its corporate headquarters in Anaheim on Wednesday, May 3^rd following the ACT Expo at 5:30 pm. This new battery swap station has the ability to swap a 90-kWh battery system in under one minute, providing “unlimited mile range” for active fleets and last mile delivery service providers. Please contact us at the email addresses below to learn more about the event on May 3^rd.

“Phoenix Motorcars is thrilled to be showcasing its new Gen 4 vehicle at the ACT Expo and inviting interested parties that want to see and learn more about its new battery swap station offering to a special event at our headquarters,” commented Dr. Lance Zhou, CEO of Phoenix Motorcars.

The Phoenix management team will be present at the ACT Expo for meetings, Q&A and information sessions.

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.

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 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/20230428005066/en/

Media Contact:

Dave Davis, Marketing Manager

marketing@phoenixmotorcars.com

Investor Relations Contacts:

Mark Hastings, Senior Vice President & Head of Investor Relations

Sioban Hickie, ICR Inc.

PhoenixIR@icrinc.com

Source: Phoenix Motor Inc.