PEV - Phoenix Motor finds partner to build Class 4 vehicles

2023-03-06 08:23:00 ET

Phoenix Motor Inc. ( NASDAQ: PEV ) announced on Monday that it inked a memorandum of understanding with Matthews Specialty Vehicles to jointly build and deploy Class 4 electric specialty vehicles for commercial applications including mobile healthcare, biomedical services, bloodmobiles, bookmobiles, classrooms, public safety and shuttles.

The Anaheim, California-based company said the memorandum of understanding will support both Phoenix and Matthews’ long-term goals through a partnership in product development, manufacturing, assembly, service, sales, marketing and certification related to Phoenix’s commercial electric vehicles including its Gen 4 vehicles, scheduled for launch within the next few months. The MOU will also cover the Gen 5 ground-up, purpose-built chassis design, which is scheduled for 2024. The two companies also agreed to explore the opportunity of deploying E-rolling chassis technology in Phoenix vehicle models.

The new partnership will target a minimum of 50 electric specialty vehicles over the first three years amid what is expected to be a surge in demand for providing zero-emission specialty vehicles across the U.S.

Shares of PEV have lagged the broad market and the electric vehicle sector in 2023 with the stock down 7.83%.

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