Business
Phoenix Motor Raises 2024 Revenue Guidance to $30.7M-$31.2M
Company also reaffirms 2025 revenue targeted at $40M-$50M ANAHEIM, CA / ACCESS Newswire / May 6, 2025 / Phoenix Motor Inc. (OTC:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, ...
About this update from Phoenix Motor Inc.
[{"type":"text","content":"Company also reaffirms 2025 revenue targeted at $40M-$50M","length":57,"tagName":"p"},{"type":"text","content":"ANAHEIM, CA / ACCESS Newswire / May 6, 2025 / Phoenix Motor Inc. (OTC:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced an upward revision to its 2024 revenue guidance, reflecting stronger-than-anticipated customer demand and increased production capacity.","length":345,"tagName":"p"},{"type":"text","content":"The company now expects full-year 2024 revenue to be in the range of $30.7 million to $31.2 million, an increase from its previous guidance issued in March. This revenue guidance range represents a more than tenfold increase over 2023 revenue of $3 million. The company also reaffirms its expectation to achieve positive net income for the year.","length":345,"tagName":"p"},{"type":"text","content":""We are seeing robust traction across both our transit bus and electrification segments, with a growing backlog and expanded customer base," said Denton Peng, CEO of Phoenix Motor. "This revised guidance underscores the strength of our operations and the accelerating shift toward zero-emission commercial vehicles. We remain focused on execution as we scale production and deliver sustainable value to our customers and shareholders."","length":455,"tagName":"p"},{"type":"text","content":"The company reiterated its 2025 revenue outlook of $40 million to $50 million, driven by new product introductions, geographic expansion, and growing market adoption.","length":166,"tagName":"p"},{"type":"text","content":"With the commercial EV market projected to reach $55.9 billion by 2029, Phoenix Motor is well-positioned to capitalize on industry tailwinds as an early mover with proven solutions tailored for municipalities, transit agencies, and corporate fleets nationwide.","length":260,"tagName":"p"},{"type":"text","content":"About Phoenix Motor Inc.","length":24,"tagName":"p"},{"type":"text","content":"Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy...