ANAHEIM, CA / ACCESSWIRE / May 13, 2024 / Phoenix Motor Inc. (Nasdaq:PEV), a leading manufacturer of heavy-duty transit buses, and electrification solutions provider for medium-duty vehicles, announced the production launch of its first fourth-generation drivetrain for Class-4 shuttle buses & trucks. The first two units will be delivered to customers in New Jersey.

Phoenix is one of the earliest electric commercial vehicle manufacturers in the US, with over 150 fleet customers using its zero emission shuttle buses and trucks. Phoenix launched its first electric drivetrain in 2009 and sold its first Class4 EV in 2014. The fourth generation electric drivesystem is designed to improve efficiency, incorporating a 650V architecture, and improves safety with battery packs located within the chassis frame-rails. The new drivetrain also offers improved charging speeds, with 20% to 80% SOC gained in 20 min with a 150kW DC charger. The new electric drivetrain system will be integrated with Class-4 cutaway chassis to offer shuttle buses, Type-A school buses, work trucks, box trucks and delivery vans.

Production ramp-up for the fourth-generation shuttle buses & trucks will commence at the Anaheim, California facility and further expand to additional locations in the East Coast, benefitting from the synergies with the transit bus production facility in Greenville, South Carolina.

"Our fourth-generation drivesystem is a game changer, with lower cost of acquisition for customers and improved operating efficiency. The design also focused on improving manufacturing efficiency, enabling Phoenix to scale medium-duty EV production in the coming years." said Denton Peng, CEO of Phoenix Motor.

The Gen 4 powered shuttle bus will be on display at the Advanced Clean Transportation Expo (ACT Expo) in Las Vegas from May 20 - 23.

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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