PEV - Phoenix Motor Expects to Report Record Revenues for Q1 2024

2024-04-15 07:02:00 ET

DENVER, Colo., Apr 15, 2024 ( 247marketnews.com )- Phoenix Motor Inc. (NASDAQ: PEV ) provided revenue guidance for the first quarter of 2024, as it expects to generate revenue in the range of $8 million to $9 million, a substantial increase from the $1.8 million recorded in the first quarter of 2023, its previous record revenue quarter.

The increase revenue projection is due to a number of strategic initiatives undertaken by Phoenix Motor over the past year, including the acquisition of Proterra’s transit business and the launch of new products.

“Our first quarter performance underscores the strength and scalability of our business model,” stated Denton Peng, CEO of Phoenix Motor. “Our ability to significantly increase revenue is a testament to our innovative product line, the growing market demand for electric vehicles, and continued favorable government policies supporting electrification.

“Looking ahead, we remain focused on leveraging our core competencies to further penetrate the markets we serve, while also exploring new opportunities to expand our reach.”

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