• Zero Emission Type A with a Cutaway Chassis School Buses for California Schools

ANAHEIM, CA / ACCESSWIRE / October 20, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced the Company's award of a contract by the California Department of General Services ("DGS"), enabling school districts to procure and purchase Phoenix Motorcars' Z600 zero emission Type A with a Cutaway Chassis school buses.

This awarded contract will be valid for two (2) years with an option to extend it to three (3) years. This DGS contract will give any school district in California the ability to purchase zero-emission school buses quickly and easily at a competitive price, without having to go through a bid process.

"Phoenix is excited about its positive momentum in the electric school bus market," said Denton Peng, CEO of Phoenix Motorcars. "This contract award will allow California schools to purchase our Type A with a Cutaway Chassis school buses easily and start cleaning the air quality for their students and communities."

Phoenix Motorcars is the sole awardee in the category of Zero Emission Type A with a Cutaway Chassis school buses. Phoenix's Z600 school bus is offered with both 90kWh as well as 141kWh battery pack options and can be purchased with or without an ADA-compliant wheelchair lift.

This contract comes at an opportune time for zero-emission school bus funding, with the California HVIP Program still open and currently offering a standard incentive voucher for $99,000 for the Phoenix Z600, and up to $310,000 for eligible districts with the HVIP school bus set aside. Another available funding source which is open is the EPA's Clean School Bus Rebate Program which currently offers $145,000 to $265,000 per Type A with a Cutaway Chassis school bus. Both programs were incorporated into the structure of the California DGS Contract, and Phoenix Motorcars is eligible and qualified to work with both HVIP and EPA programs.

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 factors include, among others, those related to our 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, our ability to raise additional funds, 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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