Phoenix Motor (PEV) Guides FY24 Revenue of $100M+

Phoenix Motor Inc. (NASDAQ: PEV) 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 25^th 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.

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