MESA, Ariz., Jan. 23, 2023 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles (Nasdaq: AMV), a vertically integrated electric vehicle technology ecosystem company, and the first battery manufacturer to be fully owned and operated in the US, today announced a fifteen-fold increase in daily battery cell output since the start of trial mass production in November 2022, while continuing to make additional improvements to ensure customer demand is met.

Following the intended execution plan outlined as part of their most recent funding in Q4 2022, concerted efforts to scale production have resulted in the ability to manufacture significantly more battery cells per week at its Arizona facility. Atlis has invested in new equipment and technology to increase automation and efficiency, which the Company says will result in further increases in production capability in the coming months.

“I can’t emphasize enough just how important this milestone is for Atlis. Through team growth, efficiency improvements, and calculated investments in manufacturing technology, Atlis has gone from hand-building roughly 30 battery cells per week to manufacturing hundreds of battery cells weekly,” stated Mark Hanchett, Atlis Motor Vehicles’ Founder and CEO. “Unlike foreign owned, tier-one battery manufacturers, Atlis is the only U.S. based company manufacturing battery cells stateside. We’re keeping pace with our intended execution plan and committed to meeting production milestones as we scale manufacturing capabilities in 2023 and work to meet the growing demand for Atlis battery technology.”

To learn more about Atlis battery cells, please visit https://www.atlismotorvehicles.com/energy-solutions.

About Atlis Motor Vehicles

Atlis Motor Vehicles is a vertically integrated EV technology ecosystem company leveraging its intellectual properties and U.S. manufactured battery innovations to support electric mobility and energy storage solutions.

The Atlis Ecosystem will consist of superior Battery Cell and Pack technologies, Grid Level Energy Storage Solutions, Charging Infrastructure, Platform and Medium-Duty Electric Mobility Solutions, and Over-Air Cloud Management – all wrapped in Atlis Motor Vehicles’ seamless subscription-based models. For more information, visit www.atlismotorvehicles.com.

Forward Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook, amount of reservation interest and related potential sales, future capital expenditures and other operating expenses, expectations and timing related to product launches, production and delivery volumes, the range and performance of the XP platform and XT truck, estimates of the length of time its existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of deliveries, future manufacturing capabilities and facilities, ability to mitigate supply chain and logistics risks, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, the potential success of our go-to-market strategy and future vehicle programs, and the promise of the electric vehicle battery technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Atlis and Atlis management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in our Post-Qualification Amendment No. 11 on Form 1-A POS (“Form 1-A”) filed with the SEC on September 22, 2022, as well as other documents Atlis has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Atlis's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Atlis does not currently know or that Atlis currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Atlis's expectations, plans or forecasts of future events and views as of the date of this communication. Atlis anticipates that subsequent events and developments will cause Atlis's assessments to change. However, while Atlis may elect to update these forward-looking statements at some point in the future, Atlis specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Atlis's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:

AMV Contact-
Mary Trout
Atlis Motor Vehicles
info@atlismotorvehicles.com