ANAHEIM, Calif., November 22, 2022–(BUSINESS WIRE)–Phoenix Motor Inc. (Nasdaq: PEV) (“Firm” or “Phoenix”), a frontrunner in manufacturing of all-electric, medium-duty automobiles, at this time introduced the signing of a non-binding Memorandum of Understanding (“MOU”) with Modern Amperex Know-how Co., Restricted (SHE: 300750) (“CATL”), a worldwide chief of latest power revolutionary applied sciences, for the co-development of batteries for Phoenix Motorcars’ product traces.
The MOU will help the long-term provide of battery options and associated merchandise for Phoenix’s business electrical automobiles together with Gen 4 automobiles, in addition to the potential cooperation on Gen 5 and EdisonFuture (Gen 6) fashions sooner or later. The 2 firms additionally agreed to discover the chance to deploy E-rolling chassis expertise in Phoenix automobile fashions.
Developed for business automobiles by its subsidiary Suzhou Synland Know-how Co., Restricted, CATL’s E-rolling expertise is a separate body building chassis resolution that integrates coaxial e-beam, body, digital gadgets and the battery pack which in flip is built-in with the ability area controller. The revolutionary expertise helps varied automobile varieties together with pickups, gentle vehicles, vans and RVs.
Phoenix Motorcars CEO Dr. Lance Zhou commented, “We’re thrilled to be working with CATL, one of many world’s main battery producers and resolution suppliers, as we develop and produce our Gen 4 medium-duty automobiles and discover additional cooperation together with Gen 5 ground-up chassis automobiles and EdisonFuture (Gen 6) line of light-duty automobiles over the subsequent few years. This MOU will guarantee stability and safety of important battery provide. We’re additionally very eager on the E-rolling chassis expertise from CATL which might allow simplified, extremely built-in and lightweight weighted design of e-chassis to attain larger power effectivity in business automobiles. Collaboration with companions comparable to CATL is central to our ‘asset gentle’ technique and provides to our confidence that we are going to ship our enhanced product lineup on time, inside funds and with most high quality.”
“We’re glad to cooperate with business pioneers like Phoenix Motorcars, and we imagine the profitable cooperation with Phoenix will additional promote the appliance of superior applied sciences in business automobiles,” mentioned Li Xiaoning, Govt President of Abroad Business Software, CATL. “This cooperation not solely expands our international community of economic utility enterprise, but in addition displays our dedication to advertise complete electrification with revolutionary battery options, thus contributing to the worldwide efforts in the direction of carbon neutrality.”
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer within the electrical automobile (“EV”) business, designs, builds, and integrates electrical drive methods and lightweight and medium obligation EVs and sells electrical forklifts and electrical automobile chargers for the business and residential markets. Phoenix operates two main manufacturers, “Phoenix Motorcars,” which is targeted on business merchandise together with medium obligation EVs (shuttle buses, college buses, municipal transit automobiles and supply vehicles, amongst others), electrical automobile chargers and electrical forklifts, and “EdisonFuture,” which intends to supply light-duty EVs. Phoenix endeavors to be a number one designer, developer and producer of electrical automobiles and electrical automobile applied sciences. For extra data, please go to: www.phoenixmotorcars.com and www.edisonfuture.com.
About Modern Amperex Know-how Co. Restricted
Modern Amperex Know-how Co., Restricted (CATL) is a worldwide chief of latest power revolutionary applied sciences, dedicated to offering premier options and providers for brand spanking new power functions worldwide. Within the yr 2021, CATL’s EV battery consumption quantity ranks No. 1 on this planet for 5 consecutive years, and it ranks first available in the market share of worldwide power storage battery manufacturing. CATL additionally enjoys broad recognition by international EV and power storage companions. To realize the aim of realizing fossil gas substitute in stationary and cell power methods with extremely environment friendly electrical energy methods which can be generated by way of superior batteries and renewable power and promote the built-in innovation of market functions with electrification and intelligentization, CATL maintains steady innovation in 4 dimensions together with materials and electrochemistry system, construction system, inexperienced excessive manufacturing and enterprise fashions.
For extra data, please go to: www.CATL.com.
Ahead-Trying Statements
This press launch accommodates forward-looking statements as outlined by the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements embody statements regarding plans, targets, targets, methods, future occasions or efficiency, and underlying assumptions and different statements which can be aside from statements of historic info. When the Firm makes use of phrases comparable to “might,” “will,” “intend,” “ought to,” “imagine,” “anticipate,” “anticipate,” “undertaking,” “estimate” or related expressions that don’t relate solely to historic issues, it’s making forward-looking statements. Ahead-looking statements aren’t any assure of future efficiency and contain dangers and uncertainties which will trigger the precise outcomes to vary materially from the Firm’s expectations mentioned within the forward-looking statements. These statements are topic to uncertainties and dangers together with, however not restricted to, the next: the Firm’s potential to transform idea vehicles and vans into manufacturing and gross sales; the Firm’s product growth timeline and anticipated begin of manufacturing; growth of aggressive vehicles and vans manufactured and bought by the Firm’s opponents and main business automobile firms; the Firm’s potential to scale in a cheap method; the Firm’s future capital necessities and sources and makes use of of money; the Firm’s potential to acquire funding for its future operations; the Firm’s monetary and enterprise efficiency; modifications within the Firm’s technique, future operations, monetary place, estimated revenues and losses, projected prices, prospects and plans; the implementation, market acceptance and success of its enterprise mannequin; expectations concerning the Firm’s potential to acquire and keep mental property safety and never infringe on the rights of others; and different dangers contained within the Providing prospectus and reviews filed by the Firm with the SEC. For these causes, amongst others, traders are cautioned to not place undue reliance upon any forward-looking statements on this press launch. Extra components are mentioned within the Firm’s filings with the SEC, together with these set forth within the Threat Components part of the Firm’s registration assertion and Providing prospectus, which can be found for evaluate at www.sec.gov. The Firm undertakes no obligation to publicly revise these forward-looking statements to mirror occasions or circumstances that come up after the date hereof.
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Contacts
Investor Relations Contacts:
Mark Hastings, Senior Vice President & Head of Investor Relations
Sioban Hickie, ICR Inc.
PhoenixIR@icrinc.com
