ANAHEIM, CA / ACCESSWIRE / April 23, 2024 / 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 partnership with Cennatic Power ("Cennatic"), a wholly owned subsidiary of Cenntro Inc. (CENN), to supply advanced battery packs custom-manufactured for Phoenix Motor's range of commercial electric vehicles (EVs).

Under the terms of the agreement, Cennatic will develop and produce battery packs specifically designed for Phoenix Motor's heavy-duty transit buses, as well as its medium- and light-duty commercial EVs.

"Teaming up with Cennatic allows us to integrate cutting-edge battery technology that supports the superior performance standards our customers expect from Phoenix vehicles," said Denton Peng, CEO of Phoenix Motor. "In addition to strengthening our expanding product line, this strategic alliance, which aims to enhance the efficiency, range, and reliability of our EV offerings, also reinforces our mission to lead the transition towards a more sustainable future in transportation."

The heavy-duty transit bus and medium- and light-duty commercial EV markets are projected to grow from $70.9 billion in 2024 to more than $255 billion by 2030, according to data from Research and Markets.

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: 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.

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