Phoenix Motorcars and CATL form a long-term partnership

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ANAHEIM, Calif.–(BUSINESS WIRE)–Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leading manufacturer of all-electric medium-duty vehicles, today announced that it has signed a memorandum of non-binding agreement (“MOU”) with Contemporary Amperex Technology Co., Limited (SHE: 300750) (“CATL”), a global leader in innovative new energy technologies, for the co-development of batteries for Phoenix product lines Motorcars.

The MOU will support the long-term supply of battery solutions and related products for Phoenix’s commercial electric vehicles, including Gen 4 vehicles, as well as potential cooperation on Gen 5 and EdisonFuture (Gen 6) models. in the future. The two companies have also agreed to explore the possibility of deploying E-rolling chassis technology in Phoenix vehicle models.

Developed for commercial vehicles by its subsidiary Suzhou Synland Technology Co., Limited, CATL’s Electronic Bearing Technology is a distinct frame construction chassis solution that integrates a coaxial electron beam, frame, electronic devices and the battery that in turn is integrated with the domain controller power. The innovative technology supports a variety of vehicle types, including pickup trucks, light trucks, vans, and recreational vehicles.

Phoenix Motorcars CEO, Dr. Lance Zhou, said, “We are delighted to be working with CATL, one of the world’s leading battery manufacturers and solution providers, as we develop and produce our Gen 2 medium-duty vehicles. 4 and explore other cooperations including Gen 5 ground vehicles-up chassis and the EdisonFuture (Gen 6) line of light vehicles over the next few years. This memorandum of understanding will ensure the stability and security of critical battery supply. We are also very interested in CATL’s electric rolling chassis technology which would enable a simplified, highly integrated and lightweight electric chassis design to achieve greater energy efficiency in commercial vehicles. Working with partners such as CATL is central to our asset light strategy and reinforces our confidence that we will deliver our enhanced product line on time, within budget and with maximum quality. »

“We are pleased to cooperate with industry pioneers such as Phoenix Motorcars, and believe that the fruitful cooperation with Phoenix will further promote the application of advanced technologies in commercial vehicles,” said Li Xiaoning, Executive Chairman of Overseas Commercial Application, CATL. “This cooperation not only expands our global network of commercial application activities, but also reflects our determination to promote comprehensive electrification with innovative battery solutions, thereby contributing to global efforts towards carbon neutrality.”

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 electric vehicles and sells electric forklifts and electric vehicle chargers for commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars”, which focuses on commercial products, including medium-duty electric vehicles (shuttles, school buses, municipal transit vehicles and delivery trucks, among others), chargers for electric vehicles and electric forklifts, and “EdisonFuture,” which plans to offer lightweight EVs. Phoenix strives to be a leading designer, developer, and manufacturer of electric vehicles and electric vehicle technologies. information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.

About Contemporary Amperex Technology Co. Limited

Contemporary Amperex Technology Co., Limited (CATL) is a global leader in innovative new energy technologies, committed to providing world-class solutions and services for new energy applications worldwide. In 2021, CATL’s EV battery consumption volume ranks first in the world for five consecutive years, and it ranks first in global energy storage battery production market share. CATL also enjoys wide recognition from global electric vehicle and energy storage partners. To achieve the goal of realizing the replacement of fossil fuels in stationary and mobile energy systems with highly efficient electric power systems that are generated by advanced batteries and renewable energies and promote the integrated innovation of market applications with electrification and intelligentization, CATL maintains continuous four-dimensional innovation. including materials and electrochemistry system, structure system, extreme green manufacturing and business models.

For more information, visit: www.CATL.com.

Forward-looking statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intends”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates” or similar expressions that do not relate solely to historical matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations set forth in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development schedule and expected start of production; the development of competitive trucks and vans manufactured and sold by the Company’s competitors and the industry’s leading vehicle manufacturers; the Company’s ability to scale profitably; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain financing for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial condition, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe the rights of others; and other risks contained in the offering prospectus and the reports filed by the Company with the SEC. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company’s registration statement and offering prospectus, which may be viewed at www. sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

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