Phoenix Motorcars Completes Purchase of Proterra’s Transit Business

Phoenix Motor Inc. (NASDAQ:PEV) (“Company” or “Phoenix”), a leading electrification solutions provider for medium-duty vehicles, announced that it has completed the acquisition of the Proterra Transit business line (“Proterra Transit”) from Proterra Inc. and Proterra Operating Company, Inc. (collectively “Proterra”), a leading innovator in commercial vehicle electrification technology. Earlier this week, Phoenix received the requisite approval from the U.S. bankruptcy court. This transformative acquisition will add heavy-duty transit buses to Phoenix’s existing product line of medium-duty shuttle and school buses.

“Phoenix is very pleased to have completed its acquisition of the Proterra Transit business and thanks all parties for their tireless efforts over the past several months to make this possible. Proterra has a strong position in the full-size, zero-emission transit bus market, just as Phoenix has in the medium-duty market. Having spent countless hours meeting with Proterra Transit team members and learning more about their business, we are more excited than ever about this acquisition opportunity,” said Denton Peng, CEO of Phoenix. “We have already identified attractive growth opportunities as we add transit buses to our product offering and we look forward to servicing Proterra Transit’s existing customers and developing long-term relationships with them.”

Phoenix looks forward to providing regular updates on the progress of its business as it integrates the Proterra Transit team and assets into its operations and pursues its long-term strategy to create value for all stakeholders.

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. 

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