• Facilitates Cost Effective and Accelerated Electrification for Fleets

ANAHEIM, CA / ACCESSWIRE / October 4, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced the launch of its Gen 4 retrofit electrification solution for medium-duty vehicles. The company's fourth generation electric drive system can be utilized to electrify a range of current internal combustion engine vehicles including shuttle buses, school buses, paratransit buses, box trucks, cargo vans and various work trucks.

Phoenix Motorcars retrofit solutions aim to alleviate the two key challenges faced by fleets in switching to electric: the incremental cost of new EVs; and, long lead times due to limited availability. The ability to utilize Phoenix's retrofit solution allows fleets to electrify their existing assets, significantly lower capital requirements and reduce the time to deploy zero-emission alternatives. The Company believes its retrofit solution should enable an alternative pathway to satisfy certain regulations that require fleets to achieve zero-emission milestones starting in 2024.

"Our retrofit solutions allow fleets to accelerate the transition to zero-emission by leveraging Phoenix Motorcars' experience and electric drivetrain technology for medium-duty vehicles. The retrofit program is ideal for fleets who are looking for a middle path between investing in brand new electric vehicles and meeting their zero-emission targets," said Denton Peng, CEO of Phoenix Motorcars.

According to HIS Markit data, there are over 22 million medium-and heavy-duty vehicles currently on road in the United States and providing solutions to reduce their carbon footprint is critical to achieving our nation's emission reduction goals.

Powering the Phoenix Motorcars retrofit solution is its Gen 4 e-drive system with varied battery pack sizes, offering a 115 to 150 mile range on a single charge. Equipped with 100 kW CCS fast charging capability, fleet owners may be able to further extend daily usage by gaining as much as 60% SOC in less than an hour using opportunity charging. Based on our fleet customers' experience, we believe the conversion to electric can reduce maintenance costs by about 75% and lower fuel costs by about 80%, compared to an equivalent internal combustion engine vehicle.

"The Phoenix Motorcars retrofit electrification solution is a great way to breathe new life into older assets", Jose Paul Plackal, Phoenix Motorcars Chief Revenue Officer, commented. "Our retrofit solution will not only eliminate tailpipe emissions, but also negate the environmental impact of retiring an old vehicle and extend the life of existing assets. The launch of our retrofit solutions is an important milestone that complements our existing new vehicle product lines."

The Company believes that lower deployment costs, lower operating costs and the ability to achieve environmental and sustainability goals faster, all combine to make the Phoenix Motorcars electric retrofit solution particularly attractive to fleet operators.

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. For more information, 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 factors include, among others, 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.

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