Phoenix Motor Appoints Dr. Lewis Liu as Chief Operating Officer

Dr. Liu brings a unique blend of skills and experiences in AI, automotive engineering, strategic business development, and operation management.

ANAHEIM, CA / ACCESSWIRE / April 12, 2024 / Phoenix Motor Inc. (Nasdaq:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced the appointment of Dr. Lewis Liu as its new Chief Operating Officer (COO), effective immediately. Prior to his new role, Dr. Liu demonstrated exemplary leadership and innovation as the Senior Vice President (SVP) of Operations and SVP of Vehicle Program & Business Development at Phoenix Motor.

Dr. Liu brings to the COO position a wealth of experience from across the EV sector, having significantly contributed to Phoenix Motor's strategic operations and business development initiatives. Before his tenure at Phoenix Motor, Dr. Liu held the position of Vice President of Business Development & Strategy, Corporate Process Executive at Karma Automotive. His foundational role at AiKar, a California-based EV technology start-up, and his strategic leadership at Faraday Future as the Head of the Global Charging Business and Head of Strategic Partnerships underscore his deep understanding of the EV landscape. Additionally, his experience as the Lead Director of the automotive practice for KPMG Advisory (China) in Beijing, China, has equipped him with a global perspective on the automotive industry. Dr. Liu played a leadership role as the General Manager, Plant Manager and Regional Supply Chain Director for a Global Fortune 500 company with footprints of five plants, four distribution centers and one R&D center.

Dr. Liu is distinguished not only by his professional achievements but also by his academic credentials. He holds a Ph.D. in Automotive Engineering from Tsinghua University, an MBA in Finance from the University of Chicago, an MS in Artificial Intelligence from the University of Mississippi, and a BS in Computer Science from Beijing Polytechnic University. His education underpins his innovative approach to the intersection of AI technology and automotive engineering, setting a solid foundation for his leadership in the EV sector.

"Dr. Liu's unique blend of skills and experiences in AI, automotive engineering, strategic business development, and operation management make him the ideal leader to drive our operations," said Denton Peng, CEO of Phoenix Motor. "His vision aligns perfectly with our goals of increasing revenue, profitability, and pioneering next-generation engineering in the rapidly expanding commercial EV sector. We are confident that under his leadership, Phoenix Motor will continue to excel and redefine the future of electric mobility."

About Phoenix Motor Inc.

Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) 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. 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 grow our business, 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 filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact:
Mark Hastings, Chief Financial Officer
marketing@phoenixmotorcars.com

Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
PEV@redchip.com