Phoenix Motor Expects to Report $14 Million to $16 Million Revenue in Q2 2024

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 its revenue guidance for the second quarter of 2024. The company expects to report revenue in the range of $14 million to $16 million, representing a significant increase from the $1.8 million recorded in the first quarter of 2023 and up from the expected $8 million to $9 million forecasted for Q1 2024, the company's previous record revenue quarter.

"Our projection for another quarter of record revenues is a reflection of the success of the strategic initiatives we've undertaken," said Denton Peng, CEO of Phoenix Motor. "The recent strides we've made, from strategic acquisitions to launching cutting-edge products, underscore our resolve to redefine transportation. Our focus remains on delivering exceptional value and driving the shift towards sustainable mobility solutions."

The expected surge in revenue can be linked to several strategic actions implemented by Phoenix Motor throughout the past year. These include acquiring Proterra's transit bus operations and introducing new products tailored to address the dynamic demands of the commercial transportation industry.

"Our vision for Phoenix Motor is clear-to be at the forefront of the sustainable transportation revolution," added Peng. "With several strategic initiatives in play, we're not just participating in the market; we are working to lead it, ensuring our actions today pave the way for a greener tomorrow."

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.