PHOENIX MOTOR Business Summary

Phoenix Motor Inc. (PEVM) operates a vertically integrated business model focused on the design, manufacture, and integration of electric drive systems and zero-emission vehicles for the commercial and municipal sectors. The company generates revenue through direct vehicle sales, long-term battery lease contracts, aftermarket parts, and specialized service fees. Its primary business segments include Phoenix Motorcars, which produces Class 4 medium-duty electric shuttles and transit buses, and EdisonFuture, a subsidiary developing light-duty electric pickups and vans. Following its strategic acquisition of Proterra’s transit business unit in late 2023, the company has significantly expanded its footprint in the heavy-duty transit market, now commanding a substantial share of the North American zero-emission bus sector. Phoenix Motor competes directly with GreenPower Motor Company, Cenntro, and Workhorse Group, positioning itself as a specialized fleet electrification partner for utilities, airports, and transit agencies requiring high-uptime, medium-to-heavy-duty solutions. Originally founded in 2003 and later acquired by SPI Energy subsidiary EdisonFuture, the company is currently led by Chairman and CEO Xiaofeng "Denton" Peng, a veteran entrepreneur who previously founded LDK Solar and serves as the Executive Chairman of SPI Energy. The executive suite includes Chief Financial Officer Tony Shen, appointed in September 2025, and Chief Technology Officer Tony Zhou, an autonomous driving expert and former Head of ADAS Advanced Software Engineering at Lucid Motors. The leadership team also features Chief Operating Officer Wei Liu, who oversees global manufacturing and supply chain logistics. While the company is currently conducting a formal search for a new President following the February 2026 resignation of John Walsh, its board remains anchored by directors such as HoongKhoeng Cheong and James Young. Notable institutional backing includes SPI Energy as the majority shareholder, alongside positions held by Jane Street Group and Harvest Fund Management.