Phoenix Motor Inc. Delivers All-Electric, Zero-Emission Shuttle Bus to the City of Grand Terrace

ANAHEIM, CA / ACCESSWIRE / February 14, 2024 / Phoenix Motor Inc. (NASDAQ:PEV) (the "Company" or "Phoenix"), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, announced today its recent delivery of an all-electric, zero-emission Z400 shuttle bus to the City of Grand Terrace. The electric service truck is built on a Ford E-450 chassis powered by Phoenix Motorcars and will serve the city and their community. This electric vehicle was funded in part by the San Joaquin Valley Air Pollution Control District's VW Program aimed at helping mitigate pollution by scrapping older gas and diesel shuttle buses throughout California.

Simultaneously, the City of Grand Terrace proudly announces the acquisition of a new all-electric bus, made possible through funding from the Volkswagen (VW) Environmental Mitigation Trust. Sourced from Phoenix, this eco-friendly vehicle marks a significant step towards sustainable transportation in our community. Designed to serve the needs of our senior and disabled residents, the bus will facilitate transportation to essential appointments, routine outings such as grocery shopping, and special events. Its emission-free operation aligns with our commitment to environmental stewardship and improving air quality. Operated by Vickie Thompson, a valued member of the city's transportation team with a year of dedicated service, the bus symbolizes our dedication to providing safe, reliable, and environmentally conscious transportation solutions for all members of our community.

The Phoenix Z400 shuttle bus is equipped with a 105-kWh battery pack offering up to 115-mile range and can be fully charged in two to three hours with a 50-kW Level III charger. The Z400 shuttle, as compared to its equivalent fossil fueled alternative, can reduce atmospheric emissions by ~61 tons per vehicle annually, reduce maintenance costs by 75% and fuel costs by 80%.

"Phoenix is excited to bring the first zero-emission shuttle bus to Grand Terrace." remarked Thomas Allen, Vice President of Sales and Marketing for Phoenix. "Having grown up in Grand Terrace, I am very proud to be helping my hometown reduce air pollution and am thrilled to have helped GT qualify for the funding to make it possible. Zero emission transportation and mobility is a key factor in creating a sustainable future and it's our privilege to help reduce emissions and clean the air quality in the Blue Mountain City! Our Phoenix Z400 all-electric shuttle bus offers a lower total cost of ownership for the city as well, further justifying the city's commitment to switch to zero emission transportation."

Phoenix has been the leader in medium duty electrification for over a decade. With over 4 million all-electric miles driven on its zero emission drive systems, Phoenix has unparalleled experience and expertise helping public and private fleets successfully deploy and adopt electric vehicles into their fleets, cleaning the air quality and providing clean, quiet and safe zero emission transportation and mobility for their companies and communities.

"We are excited to help yet another California city go green with our zero-emission technology. EV shuttle adoption is paramount to hitting California's climate action goals, and Phoenix is proud to be the most experienced medium duty shuttle provider in the Golden State," said Denton Peng, CEO of Phoenix.

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: 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

Mark Hastings, Chief Investment Officer
[email protected]

SOURCE: Phoenix Motorcars Inc.

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