Phoenix Motorcars & Matthews Specialty Vehicles Form Partnership to Jointly Build and Deploy Class 4 Vehicles

March 06,2023

ANAHEIM, Calif.–(BUSINESS WIRE)– Phoenix Motor Inc. (the “Company” or “Phoenix”) (Nasdaq: PEV), a leader in manufacturing of all-electric, medium-duty vehicles, today announced the signing of a Memorandum of Understanding (“MOU”) with Matthews Specialty Vehicles, Inc., a global leader in the custom design and manufacture of purpose-built 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 comprehensive MOU will support both Phoenix and Matthews’ long-term goals through their 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 and its 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. This new partnership will target a minimum of 50 electric specialty vehicles over the first 3 years, and both Matthews and Phoenix see significant and increasing demand for providing zero- emission specialty vehicles across the country and envision exceeding the minimum targets.

“We are excited to be partnering with Matthews, one of the world leaders in specialty vehicles and shuttle vans,” Dr. Lance Zhou, CEO of Phoenix Motorcars said. “This partnership will provide tremendous growth opportunities and sustainable and green technology for Matthews’ customers as we execute on our plan to develop and produce our Gen 4 medium-duty vehicles and our Gen 5 ground-up chassis vehicles. This MOU will provide for essential functions from design to sales, with support from a well-established partner. Our collaboration with partners such as Matthews remains at the center of our ‘asset light’ strategy and bolsters our confidence in our ability to deliver our enhanced product lineup on time, within budget and with maximum quality.”

“Phoenix Motorcars all-electric, medium-duty vehicles are a great fit for the Mathews Specialty Vehicles lineup. We are proud to offer this EV solution to our global customer base,” commented Brad Matthews, owner, and President of Matthews Specialty Vehicles, Inc.

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