Phoenix To Demonstrate Battery Swap Technology for Commercial Vehicles

ANAHEIM, CA / ACCESSWIRE / December 7, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced plans to demonstrate its Phoenix Exchange Battery Swap Technology for commercial vehicles in January. The demonstrations will be held at the company's Anaheim manufacturing facility, and in South Carolina for customers on the East Coast.

The ability to swap battery packs, rather than having to be plugged in to a charger for long periods of time, generates considerable efficiency improvements for electric vehicle fleets and positively impacts the analysis for fleets considering switching to electric vehicles. The Phoenix Exchange battery swap technology can remove and replace large battery packs in under one minute, providing "unlimited mile range" for active fleets and last mile delivery service providers. The battery swap solution from Phoenix will also be paired with innovative battery lease solutions, allowing customers to reduce the upfront capital cost to switch to zero emission technology.

"Phoenix Motorcars is proud to be leading the introduction of new products and solutions for commercial electric vehicles," said Denton Peng, CEO of Phoenix. "Battery swap technology has been successfully introduced in other markets like Europe and Asia, and we believe there are use-cases in the North American market that can accelerate the deployment of electric vehicles by unlocking the potential of being able to swap battery packs, rather than have hours of downtime with Level II or Level III chargers."

Phoenix Motorcars plans to introduce battery swap technology for its medium-duty EVs comprising shuttle buses, trucks and school buses. The technology will also be integrated into products that will include heavy-duty vehicles. Contact us at marketing@phoenixmotorcars.com to learn more and to register for the battery swap demo events.

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 and residential markets. Phoenix operates two primary brands: "Phoenix Motorcars", which is focused on commercial products, including medium duty EVs (shuttle buses, school buses, municipal transit vehicles 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 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 acquire and grow the Proterra Transit business, our ability to satisfy all closing conditions under the Purchase Agreement, satisfaction of procedures applicable to the sale and the receipt of approval of the sale by the U.S. Bankruptcy Court, 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.

Investor Relations
Mark Hastings, Senior Vice President of Corporate Development & Strategy
Head of Investor Relations
marketing@phoenixmotorcars.com

SOURCE: Phoenix Motorcars Inc.