Phoenix Motor Appoints Michael Yung as Chief Financial Officer

ANAHEIM, CA / ACCESSWIRE / April 18, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced the appointment of Michael Yung as its new Chief Financial Officer (CFO), effective April 17, 2024.

Yung brings over 25 years of financial leadership and strategic business acumen to Phoenix Motor. Before joining Phoenix Motor, Yung served as the CFO at PingTan Marine Enterprise Ltd., where he managed SEC filings, investor relations, and was instrumental in conducting financial audits and due diligence for mergers and acquisitions. His seasoned expertise was also demonstrated during his tenure as the Managing Director for Asia at European American Capital, where he successfully initiated new regional operations and managed high-value commodity transactions.

Previously, Yung was a Senior Vice President at UBS Paine Webber where he established and led a profitable division specializing in Asian financial markets, achieving profitability within two years-18 months ahead of schedule. His experience also includes being a top revenue producer at Citicorp Investment Services, where he managed a significant portfolio and led a team to exceed sales targets substantially.

"We are thrilled to welcome Michael to our executive team," said Denton Peng, CEO of Phoenix Motor. "His extensive financial expertise and proven leadership capabilities make him an invaluable asset to our company. Michael's vision for financial excellence aligns perfectly with our goals of enhancing operational efficiency and boosting market expansion as we continue to forge our leadership position in the rapidly expanding commercial EV sector."

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.

CONTACT:
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Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
[email protected]

SOURCE: Phoenix Motorcars Inc.