Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced the signing of a non-binding Memorandum of Understanding (“MOU”) with Contemporary Amperex Technology Co., Limited (SHE: 300750) (“CATL”), a global leader of new energy innovative technologies, for the co-development of batteries for Phoenix Motorcars’ product lines.

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 the potential cooperation on Gen 5 and EdisonFuture (Gen 6) models in the future. The two companies also agreed to explore the opportunity to deploy E-rolling chassis technology in Phoenix vehicle models.

Developed for commercial vehicles by its subsidiary Suzhou Synland Technology Co., Limited, CATL’s E-rolling technology is a separate frame construction chassis solution that integrates coaxial e-beam, frame, electronic devices and the battery pack which in turn is integrated with the power domain controller. The innovative technology supports various vehicle types including pickups, light trucks, vans and RVs.

Phoenix Motorcars CEO Dr. Lance Zhou commented, “We are thrilled to be working with CATL, one of the world’s leading battery manufacturers and solution providers, as we develop and produce our Gen 4 medium-duty vehicles and explore further cooperation including Gen 5 ground-up chassis vehicles and EdisonFuture (Gen 6) line of light-duty vehicles over the next few years. This MOU will ensure stability and security of essential battery supply. We are also very keen on the E-rolling chassis technology from CATL which would enable simplified, highly integrated and light weighted design of e-chassis to achieve higher energy efficiency in commercial vehicles. Collaboration with partners such as CATL is central to our ‘asset light’ strategy and adds to our confidence that we will deliver our enhanced product lineup on time, within budget and with maximum quality.”

“We are glad to cooperate with industry pioneers like Phoenix Motorcars, and we believe the successful cooperation with Phoenix will further promote the application of advanced technologies in commercial vehicles,” said Li Xiaoning, Executive President of Overseas Commercial Application, CATL. “This cooperation not only expands our global network of commercial application business, but also reflects our determination to promote comprehensive electrification with innovative battery solutions, thus contributing to the 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 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 and www.edisonfuture.com.

About Contemporary Amperex Technology Co. Limited

Contemporary Amperex Technology Co., Limited (CATL) is a global leader of new energy innovative technologies, committed to providing premier solutions and services for new energy applications worldwide. In the year 2021, CATL’s EV battery consumption volume ranks No. 1 in the world for five consecutive years, and it ranks first in the market share of global energy storage battery production. CATL also enjoys wide recognition by global EV and energy storage partners. To achieve the goal of realizing fossil fuel replacement in stationary and mobile energy systems with highly efficient electrical power systems that are generated through advanced batteries and renewable energy and promote the integrated innovation of market applications with electrification and intelligentization, CATL maintains continuous innovation in four dimensions including material and electrochemistry system, structure system, green extreme manufacturing and business models.

For more information, please 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 concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed 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 timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, 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 on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements 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 are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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