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Phoenix Issues Preliminary Guidance Following the Purchase of Proterra's Transit Business

Schedules update call for Thursday January 25th to discuss initial plans

ANAHEIM, CA / ACCESSWIRE / January 18, 2024 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today provided its initial guidance incorporating the recently-acquired Proterra Transit business line ("Proterra Transit"). As previously reported, Phoenix purchased the business last week from Proterra Inc. and Proterra Operating Company, Inc. (collectively "Proterra"), a leading innovator in commercial vehicle electrification technology, subsequent to receiving the requisite approval from the U.S. bankruptcy court. This transformative acquisition adds heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.

Based on the planning analysis completed so far and the hard work of the approximately 300 transit employees who have just joined Phoenix at our new Greenville, SC manufacturing facility, which was previously operated by Proterra, we expect to deliver more than 100 transit buses in 2024 and generate revenues in excess of $100 million. We look forward to providing more information about our business plan, including our outlook for improving gross margins, increasing production volumes, enhancing customer satisfaction and providing a safe and stable environment for our workforce in coming months as we integrate our new business and team.

"Phoenix is excited to provide our preliminary guidance for deliveries and revenue for 2024 just a week after completing the acquisition of the Proterra Transit business. We continue to be impressed by the enthusiasm and quality of our new colleagues and we thank them for persevering over the past 6 months and joining us in our mission to help meet the zero-emission future our country's transportation system needs," said Denton Peng, CEO of Phoenix.

Phoenix will host an update webcast and call next Thursday, January 25th to introduce some key team members and provide more details surrounding its initial plans. Details of the call will be provided early next week. The company will provide regular updates on its progress and refine its guidance as it integrates the new transit team and assets and pursues its long-term strategy to create value for all shareholders, customers and colleagues.

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 EV market. 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), 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:

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 grow the Proterra Transit 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 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.

Mark Hastings, Chief Investment Officer

SOURCE: Phoenix Motorcars Inc.

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