Phoenix Motor Inc. is a provider of electrification solutions for commercial vehicles, designing and manufacturing electric drive systems and EVs including buses, trucks, forklifts, and light-duty vehicles.

# Company Summary: Phoenix Motor Inc.

## Business Overview
Phoenix Motor Inc., operating under the brands "Phoenix Motorcars" and "EdisonFuture," is a provider of electrification solutions for the commercial vehicle industry, focusing on reducing carbon emissions and GHGs. The company designs, develops, manufactures, assembles, and integrates electric drive systems and electric vehicles (EVs), including light and medium-duty trucks and transit buses.

## Brands and Product Offerings
- **Phoenix Motorcars:** Focuses on medium-duty electric vehicles, chargers, and electric forklifts. Known for heavy-duty, purpose-built electric transit buses and utility trucks.
- **EdisonFuture:** Aims to offer light-duty electric vehicles, benefiting from prior generation drivetrain technologies.

## Technological Development & Market Position
- Launched first medium-duty electric drivetrain in 2009.
- Delivered first commercial EVs in 2014.
- Developed multiple generations of electric drivelines:
  - Gen 2 (2019) - Ford E450 chassis E-200.
  - Gen 3 (2021) - E-300 drivetrain.
  - Gen 4 (2024) - higher production volume and cost reduction.
- Deployed over six years:
  - 138 electric vehicles (EVs) delivered as of December 31, 2024.
  - Customers across North America include transit agencies, utility companies, cities, municipalities, universities, airports, hotels, seaports, and corporate campuses.
  - Marketed all-electric shuttle buses, cargo trucks, cargo vans, flatbeds, service trucks, and Type A school buses.

## Recent Developments
- Acquired **Proterra Transit Business Unit** for $3.5 million, which designs and sells electric transit buses.
- Acquired **Proterra battery lease contracts** for $6.5 million.
- Made a strategic asset purchase agreement with **Zenobe** for battery lease receivables, collecting $0.9 million lease receivables, and holding $4.7 million of battery lease receivables as of December 31, 2024.
- Delivered 30 transit buses to various customers as of December 31, 2024.

## Market Opportunity
- Growing underserved commercial EV market projected to reach:
  - 3 million units by 2025.
  - 9 million units by 2030.
- Driven by government policies, regulation tightening, and infrastructure investments.
- Significant demand from public transit, freight, and utility sectors for heavy-duty and medium-duty electric vehicles.

## Financial Highlights (2024)
- **Total Revenue:** $31.15 million (up from $3.12 million in 2023, primarily due to the Proterra acquisition).
- **Revenue Breakdown:**
  - Transit buses: $24.61 million.
  - EV sales: $0.81 million.
  - EV leasing: $0.12 million.
  - Forklifts: $0.045 million.
  - Parts sales: $1.58 million.
  - Service revenue: $2.65 million.
  - Other: $1.34 million.
  - Grants from government agencies related to transit bus and EV sales: $1.5 million.
- **Net Income:** $7.93 million (positive, mainly due to the bargain purchase gain from Proterra).
- **Operating Loss:** $30.97 million.
- **Employees:** 159 full-time employees primarily based in Greenville, South Carolina.
- **Stock Information:**
  - Outstanding shares: 49,280,432 as of May 20, 2025.
  - Market value (as of June 30, 2024): approximately $5.19 million based on non-affiliate holdings.
  - Stock trading on Nasdaq was suspended on April 15, 2025; now quoted on OTC Pink with symbol "PEVM".

Phoenix Motor Inc. specializes in electric drive systems for commercial vehicles and aims to expand its product offerings and customer base in the growing electric vehicle market.

# Phoenix Motor Inc. Business Overview

## Company Profile
**Phoenix Motor Inc.** specializes in the design, development, manufacturing, and integration of electric drive systems for medium-duty electric vehicles (EVs). It operates two primary brands:

1. **Phoenix Motorcars** - Focuses on commercial products, including medium-duty electric vehicles, chargers, and electric forklifts.
2. **EdisonFuture** - Aims to develop light-duty electric vehicles.

### Key Developments
- Launched the first medium-duty electric drivetrain in **2009** and delivered the first commercial EV in **2014**.
- Introduced the **Gen 2** High Power Drive System in **2019** and has been in production with the **Gen 3** drivetrain since **April 2021**.
- Scheduled to release the **Gen 4** drivetrain in mid-2024, which is expected to permit higher production volumes and cost reductions.

## Products and Services
- **Medium-Duty Electric Vehicles**: All-electric shuttle buses, utility trucks, service trucks, cargo trucks, and flatbed trucks.
- **Charging Solutions**: Offers charging systems and services to customers.
- **Electric Forklifts**: Engaged in the sales and servicing of all-electric lithium-ion forklifts.

### Performance Metrics (as of December 31, 2023)
- **Total Customers**: Over **46 customers**.
- **Units Delivered**: **134 EVs** to multiple commercial clients across various sectors, including utilities, transit agencies, municipalities, and private corporations.
- **Revenue**: Reported **$3.1 million** for the fiscal year 2023, a decrease from **$4.3 million** in 2022.
- **Net Loss**: Incurred a net loss of **$20.6 million** in 2023, compared to a loss of **$12.7 million** in 2022.
- **Employees**: Employed **30 full-time employees** as of the end of 2023, primarily engaged in manufacturing and operational roles.

## Market Opportunity
- The commercial EV market is projected to grow significantly with global sales anticipated to reach **3 million units** by **2025** and **9 million** by **2030**.
- Key drivers include:
  - Increasing government support and regulations mandating zero-emission transportation solutions.
  - Investment in charging infrastructure and advancements in battery technology.

## Challenges
- Experienced **supply chain disruptions** and delivery delays impacting production and revenue.
- Increasing **operating expenses** due to R&D for new vehicle generations, coupled with ongoing cash flow issues.

### Financial Health
- **Working Capital Deficit**: Approximately **$4.9 million** as of December 31, 2023, indicating significant financial strain.
- **Funding Requirements**: Continuous need for additional funding to sustain operations, cover losses, and support future growth initiatives.

## Conclusion
Phoenix Motor Inc. positions itself as a leader in the burgeoning EV space, particularly within the commercial vehicle sector. Despite facing financial challenges and market competition, the company is focused on expanding its product offerings and customer base, leveraging government incentives, and addressing supply chain issues to enhance its operational capabilities.

PHOENIX MOTOR INC.

10-K / May 30, 2025

10-K / April 15, 2024

10-K / May 30, 2025

Company Summary: Phoenix Motor Inc.

Business Overview

Brands and Product Offerings

Technological Development & Market Position

Recent Developments

Market Opportunity

Financial Highlights (2024)