PEV - Phoenix Motors said its commercial vehicles quality for Inflation Reduction Act benefits

Phoenix Motor Inc. ( NASDAQ: PEV ) announced the company is now a qualified manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act.

Phoenix Motorcars’ all-electric commercial vehicle models weighing greater than 14K pounds gross vehicle weight rating will be eligible for up to $40K in tax credits. Tax credits for vehicles weighing less than 14K pounds GVWR are available up to $7,500. Currently, there is no limit on the number of tax credits a business can claim.

“We are proud to be able to provide clean, safe and environment friendly transportation for those seeking purpose built, all electric vehicles including trucks, buses and cargo vans," said Phoenix CEO Dr. Lance Zhou.

Shares of Phoenix Motor ( PEV ) showed a 2.65% decline on Friday at 11:00 a.m. to $1.07 vs. the 52-week trading range of $0.90 to $8.0.

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