Phoenix Motorcars Adds Industry Veterans Lewis Liu and Mark Hastings to Senior Management Team

Phoenix Motor Inc. (Nasdaq: PEV) (“Phoenix Motor” or “Phoenix”), a global leader in manufacturing of all-electric, medium-duty vehicles, today announced the appointments of Lewis Liu as Senior Vice President of Program Management Office & Business Development, and Mark Hastings as Senior Vice President of Corporate Development & Strategy and Head of Investor Relations.

In commenting on the additions, Dr. Lance Zhou, CEO of Phoenix Motor Inc. said, “We are delighted to bring in such high-caliber veterans. The additions of Lewis and Mark will help bolster our senior management team as we execute on our global growth strategy.”

Chris Wang, CFO of Phoenix Motor commented, “The appointments of Lewis and Mark add both depth and breadth to our operations and finance leadership and, together with the rest of our management team, will help guide Phoenix’s transformation in the rapidly developing EV revolution on our new public company platform.”

Lewis Liu brings over 30 years of experience, primarily in electric vehicles, EV infrastructure, eMobility, automotive advisory, supply chain and operations management. Lewis most recently 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.

Mark Hastings also brings more than 30 years of experience, having spent his career on Wall Street and in the automotive and energy sectors. Mark joins Phoenix from Rodo, a New York-based automotive fintech start-up, where he was Vice President of Finance and Insurance. Previously, Mr. Hastings’ career in the investment community was spent on the buy-side as portfolio manager and head of investor relations for energy/natural resources funds Geosphere and Saugatuck Energy and as analyst at SAC Capital. Before moving to the buy-side, Mark was a sell-side equity research analyst at Deutsche Bank and Merrill Lynch and an auditor at Exxon in Houston. He earned an MBA in Finance from the University of Tennessee and a BA in Economics from the University of Virginia.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicles ("EVs") industry, through its wholly owned subsidiaries, designs, assembles, and integrates electric drive systems and light and medium duty EVs, which to date have accumulated over 3,000,000 electric miles driven. In addition, Phoenix markets and sells electric vehicle chargers for the commercial and residential markets.

Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. Phoenix operates two primary brands, "Phoenix Motorcars" focused on commercial products including medium duty EVs, chargers and electric forklifts, and "EdisonFuture" which intends to offer light-duty EVs. As an EV pioneer, the Company delivered its first commercial EV and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport in 2014, which has grown to 39 electric shuttle buses today, one of the largest fleets of its kind. The Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California are among the customers for the Company’s first-generation E Series Zeus EVs. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.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.

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