Phoenix Motorcars and Rayz Technologies Establish Cooperation for Autonomous Driving Vehicles with LiDAR

ANAHEIM, CA / ACCESSWIRE / November 28, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced that it has reached an agreement with Rayz Technologies to pre-install Rayz Technologies' flagship mass-production LiDAR sensors in its next generation electric vehicles. The company's future product lines, including electric pickup trucks, buses, trucks, and other models will be fully equipped with Rayz new generation of LIDAR Osprey H2.

Rayz Technologies high performance LiDAR sensor Osprey H2 is a mid-to-long-range, cost-effective automotive-grade LiDAR specially designed for the ADAS pre-installed mass production market and high-level intelligent driving.

With Rayz Technologies' proprietary technology, the Osprey LiDAR sensor outperforms its competitors products, culminating in the detection range of 260m with a 10% reflection target and a maximum range of 320m, point cloud data rate of 1.5 million points/second (single echo), field of view of 120° x 25° with angular resolution of 0.1°x0.2°, at half of the power consumption of the industrial norm in an ultra-compact volume.

Compared to similar 905nm LiDAR products, Osprey H2 uses 30% less key optoelectronic components in its transceiver system. Compared with 1550nm LiDAR products, Osprey H2 achieves a cost reduction of more than 60%.

"LiDAR is an important sensor for realizing autonomous driving. The Rayz team has a deep understanding of LiDAR-related technologies, and the comprehensive performance of its new product Osprey is eye-catching. We are glad to see Osprey will be fully adopted in various smart models to empower Phoenix's smart driving", said Denton Peng, Chairman and CEO of Phoenix. "In the future, the two parties will work together to further integrate their respective technologies and jointly develop the application of autonomous driving solutions in a wider range of scenarios, allowing more people to benefit from the convenience and safety brought by autonomous driving," Peng also commented.

"Phoenix Motorcars is a pioneer in the global commercial electric vehicle field and is actively expanding into the light-duty vehicle field. We are honored that Phoenix has chosen Rayz Osprey products among many LiDAR products. We are looking forward to bringing consumers a safer, smarter and richer travel experience with Phoenix Motorcars", said Chen Ruxin, CEO of Rayz Technologies.

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.

About Rayz Technologies Co., Ltd

Rayz Technologies Co., Ltd, a leading provider of high-performance and full-category LiDAR solutions, who persists in 4C high standards (Competence, Compactness, Cost-effectiveness, Continuity) to create each product with outstanding performance of ranging, resolution, volume, cost, and reliability in the industry. Rayz products can be widely used in ADAS, autonomous driving, intelligent infrastructure, robots, surveying and mapping and other fields. Its rich product portfolio includes flagship front-view LiDAR with ultra-long detection distance, cost-effective front-view LiDAR with medium-to-long detection distance, and medium-to-short-range blind-spot LiDAR. The company has cooperated with many mainstream automotive companies, autonomous-driving companies, smart infrastructure companies and leading enterprises in the industrial field.

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 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.

Investor Relations:

Mark Hastings, Senior Vice President of Corporate Development & Strategy
Head of Investor Relations
marketing@phoenixmotorcars.com

SOURCE: Phoenix Motorcars Inc.