CORRECTING and REPLACING Phoenix Motorcars Enhances Senior Management Team

Headline of release should read: Phoenix Motorcars Enhances Senior Management Team (instead of Phoenix Motorcars Enhancements Senior Management Team).

The updated release reads:

PHOENIX MOTORCARS ENHANCES SENIOR MANAGEMENT TEAM

Phoenix Motor Inc. (“Company” or “Phoenix”) (Nasdaq: PEV), a leader in manufacturing all-electric, medium-duty vehicles, is pleased to announce the appointments of Jose Paul as Chief Revenue Officer and Lewis Liu as Senior Vice President of Operations.

“We are proud to be able to enhance and streamline our senior management team with such talented, seasoned industry veterans,” said Xiaofeng Denton Peng, CEO of Phoenix Motorcars. “The appointments of Jose and Lewis to new and expanded roles displays the depth and breadth of our talent pool and positions Phoenix for success as we continue to add to our sales backlog and prepare for the launch of our Gen 4 commercial vehicles.”

With over 21 years of experience. Mr. Paul joined Phoenix in August 2016 and has served as our CMO since September 2021. Prior to that, Mr. Paul served as VP of Business Development and oversaw our Marketing & Business Development functions. Prior to joining Phoenix, Mr. Paul worked at FedEx Express, Dubai, holding various positions including Business Planning Advisor, Senior Regional Analyst and as the Brand Advisor for the MEIA region. Jose previously worked at Frost & Sullivan in the Automotive & Transportation division as Consulting Manager — Middle East and North Africa region. Mr. Paul also worked at TNS Global, India and at Feedback Business Consulting. Jose earned a Bachelors in Computer Science, Mathematics and Statistics from Christ College, Bangalore University and an MBA from the School of Management Studies, Cochin University of Science and Technology.

Lewis Liu has over 30 years of experience, primarily in electric vehicles, EV infrastructure, eMobility, automotive advisory, supply chain and operations management. Lewis joined Phoenix in 2022 as SVP of PMO and Business Development and had previously served as VP of Business Development & Strategy, Corporate Process Executive at Karma Automotive, an Irvine, CA-based EV manufacturer. Previously, Mr. Liu was a founding team member at AiKar, an EV technology start-up, Head of the Global Charging Business and Head of Strategic Partnerships for Faraday Future, and Lead Director of the automotive practice for KPMG Advisory (China) in Beijing. Lewis earned his MBA in Finance from the University of Chicago, his MS in Artificial Intelligence from the University of Mississippi, and his BS in Computer Science from Beijing Polytechnic University.

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. For more information, 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 factors include, among others, 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 20-F 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230711785377/en/