ANAHEIM, CA / ACCESSWIRE / December 18, 2023 / Phoenix Motor Inc. (Nasdaq:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced the successful demonstration of the nation's first autonomous cutaway shuttle bus with Houston METRO, in partnership with Perrone Robotics, STV and AECOM. This is the first Federal Motor Vehicle Safety Standards (FMVSS), Americans with Disabilities Act (ADA), and Buy America-compliant mid-size autonomous bus in the United States.

Built on Phoenix's medium-duty ZEUS electric shuttle bus, the autonomous capability is enabled by equipping the vehicle with the TONY AV from Perrone Robotics, utilizing the Federal Transit Administration (FTA) Accelerating Innovative Mobility (AIM) grant awarded to Houston. The autonomous bus will serve TSU and the third ward community.

"We are excited to be part of this groundbreaking project in partnership with Houston METRO and Perrone Robotics. At Phoenix, we pride ourselves in leading the charge in electrifying shuttle buses, and enabling autonomous capabilities is crucial to unlocking the benefits of electric drivetrains," said Denton Peng, CEO of Phoenix Motorcars.

Jose Paul, Chief Revenue Officer of Phoenix added, "This is a momentous occasion for our team who have been working closely with Houston METRO from the initial conceptualization stage through completion. Autonomous capability for electric vehicles is truly at the intersection of innovation and sustainability. It's a steppingstone to introducing autonomous capabilities to our full offering of buses and trucks".

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. 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 and are subject to known and unknown risks. There can be no assurance that future developments affecting Phoenix will be those anticipated. 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 acquire and grow the Proterra Transit business, our ability to satisfy all closing conditions under the Purchase Agreement, satisfaction of procedures applicable to the sale and the receipt of approval of the sale by the U.S. Bankruptcy Court, 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 on Form 10-K filed with the Securities and Exchange Commission ("SEC") and our other filings with the SEC. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Investor Relations

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