PEV - Phoenix Motor Inc. (PEV) PEV Proterra Transit Acquisition Update Call Transcript
2024-01-25 19:10:23 ET
Phoenix Motor, Inc. (PEV)
PEV Proterra Transit Acquisition Update Call
January 25, 2024 2:00 PM ET
Company Participants
Mark Hastings – Chief Investment Officer
Jose Paul – Chief Revenue Officer
Mike Finnern – General Manager, Proterra Transit
Lauren Cochran Scoville – Vice President of Sales, Proterra Transit
Denton Peng – Chief Executive Officer
Conference Call Participants
Poe Fratt – Alliance Global Partners
Tate Sullivan – Maxim Group
Donovan Schafer – Northland Capital Markets
Craig Irwin – ROTH Capital Partners
Presentation
Operator
Good afternoon. My name is Krista, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Phoenix Motorcars Incorporated Proterra Transit Acquisition Update Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
I will now turn the conference over to Mark Hastings, Chief Investment Officer. Mr. Hastings, you may begin your conference.
Mark Hastings
Great. Thank you, Krista, and welcome everyone to our call today, updating you on our recent acquisition of the Proterra Transit business. I’ll be joined on the call today by Denton Peng, our Chief Executive Officer; by Jose Paul, our Chief Revenue Officer; by Mike Finnern, the General Manager of our newly acquired Transit Business; and Lauren Cochran Scoville, Vice President of Sales for the Transit Business. They will each say a few words after my opening remarks, and then we’ll open the call to your questions.
But for those of you who are new to our story, Phoenix Motorcars is headquartered in Anaheim, California. Our goal is to be a leader in sustainable and zero-emission commercial transportation with a range of products available to our customers, including transit and shuttle buses, school buses, delivery vans, and work trucks. We market our medium duty vehicles through our brand Phoenix Motorcars. We’re also currently developing a light duty commercial vehicle line which will offer pickup trucks and delivery vans, which will be marketed under our EdisonFuture brand. We are not a pre-revenue company like many others in our sector. We were founded in 2003, we delivered our first electric shuttle bus to NASA’s Jet Propulsion Laboratory in Pasadena, California, nearly a decade ago, and our vehicles have logged more than 4 million zero-emission miles on the road. As a result, we have a stable and loyal customer base with approximately 150 vehicles on the field – out in the field. But the most important development in the company’s history occurred ten days ago when we acquired the transit bus business from Proterra.
This transformational purchase was over five months in the making as we emerged from a very lengthy and detailed process as the winning bidder for the business. The Proterra Transit acquisition is an important milestone in our company’s history and one that ensures that we will remain highly competitive in the zero-emission commercial vehicle industry. Through this acquisition, we have gained ownership of world class technology and the intellectual property for Proterra’s transit business, a large order backlog, significant assets and inventories and most importantly a team that has successfully scaled operations to become the largest electric transit bus manufacturer in North America. Proterra the former Proterra’s transit business accounts for over 40% of all electric transit buses delivered in North America with over 40 million real-world service miles. The 35-foot and 40-foot ZX5 transit buses are built on an innovative ground-up platform using a lightweight composite body offering the longest driving range on a single charge in the transit bus industry....
Phoenix Motor, Inc. (PEV) PEV Proterra Transit Acquisition Update Call Transcript