ANAHEIM, CA / ACCESSWIRE / March 13, 2024 / Phoenix Motor Inc. (NASDAQ:PEV) (the "Company" or "Phoenix"), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, announced today that its Board of Directors has appointed J. Mark Hastings as the Company's Chief Financial Officer.

In commenting on the appointment, Denton Peng, CEO of Phoenix said, "We are delighted to name Mark as our Chief Financial Officer. He has been instrumental in our success as a public company and was critical in helping lead the acquisition of Proterra's Transit bus business in Greenville, South Carolina."

Mark Hastings, the newly appointed CFO commented, "I am pleased that Denton and the Board of Directors have placed their trust in me. I look forward to leading the financial management and oversight of our rapidly expanding business and to increasing stakeholder value over time."

Mr. Hastings has served as the Company's Chief Investment Officer since December 2023 and had served as Senior Vice President of Corporate Development and Strategy and Head of Investor Relations since August 2022. Prior to that, Mr. Hastings served as Vice President of Finance and Insurance at Rodo Inc. where, as a Leadership Team Member, he headed its online fintech department and founded and served as head of Rodo Insurance Agency. From 2013 to 2018, Mark served as Principal, Portfolio Manager and Head of Investor Relations at Geosphere Capital Management in New York, NY. From 2010 to 2013, Mr. Hastings served as Portfolio Manager and Trader at Saugatuck Energy in Southport, CT. Prior to that, Mark was a Research Analyst at S.A.C. Capital Advisors (now Point72 Asset Management) in Stamford, CT. From 2000 to 2003, Mark was Director of Global Energy Sell Side Equity Research at Deutsche Bank in New York, NY and from 1994 to 1999, he was Vice President of Sell Side Energy Research at Merrill Lynch & Co. Mark started his career as Senior Auditor at Exxon Corporation in New Jersey and Houston, TX from 1991 to 1994.

Mr. Hastings was awarded a Bachelor of Arts degree in Economics from the University of Virginia and a Master of Business Administration degree in Finance from the University of Tennessee, where he earned the James M. Gower Outstanding MBA Achievement Award.

Phoenix's most recent investor materials can be accessed via its website at https://phoenixmotorcars.com/investor-relations/investor-overview/default.aspx.

About Phoenix Motor Inc.

Phoenix Motor Inc., 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: 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 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

Mark Hastings, Chief Financial Officer
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