ANAHEIM, CA / ACCESS Newswire / March 20, 2025 / Phoenix Motor Inc. (NASDAQ: PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced that its wholly-owned subsidiary, EdisonFuture International Co., Ltd. ("EdisonFuture International"), has entered into a strategic cooperation agreement with Beijing Guorun Venture Capital Co., Ltd. ("Guorun") to establish a specialized RMB 1 billion (approximately USD 140 million) M&A investment fund to support the acquisition and development of EV manufacturing sites in China.

"We are excited to collaborate with Guorun to establish a strong manufacturing footprint in China," said Denton Peng, CEO of Phoenix Motor. "This cooperation allows us to integrate our leading EV solutions with China's robust supply chain ecosystem, creating a scalable and cost-efficient platform to serve both domestic and international markets. It is a pivotal step in our mission to establish EdisonFuture International's global presence and enhance Phoenix's long-term revenue and profitability."

Under the agreement, Guorun will mobilize funds to establish a specialized M&A investment entity dedicated to acquiring strategic EV production assets, including land, factories, equipment, and intellectual property in China, as designated by EdisonFuture International. This partnership marks a significant milestone for Phoenix Motor's international expansion strategy, leveraging the Company's advanced EV technologies, brand, and intellectual property alongside China's extensive supply chain and low-cost capital to accelerate growth and profitability.

EdisonFuture International, based in Hong Kong, was formed as the global expansion arm of Phoenix Motor, targeting key markets across Asia, Europe, and South America. By securing this strategic funding initiative, the Company aims to solidify its foothold in China, one of the world's largest EV markets, while optimizing operational efficiencies and cost structures.

The agreement underscores Phoenix Motor's commitment to scaling its international business through strategic financial partnerships and infrastructure expansion. By integrating Chinese engineering resources and capital efficiency with Phoenix's innovative EV technologies, the Company is well-positioned to meet the growing demand for commercial and light-duty electric vehicles globally.

This initiative aligns with Phoenix's broader vision of advancing sustainable transportation solutions and expanding access to zero-emission vehicles worldwide.

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: phoenixev.ai.

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: IR@phoenixev.ai

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

SOURCE: Phoenix Motor Inc.