Company forecasts $30M+ revenue and positive net income in 2024, with 2025 revenue targeted at $40M-$50M
ANAHEIM, CA / ACCESS Newswire / March 6, 2025 / Phoenix Motor Inc. (Nasdaq:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced its 2024 and 2025 revenue guidance, highlighting substantial growth and a key inflection point toward profitability.
For 2024, Phoenix Motor projects revenue of $30 million to $31 million, a tenfold increase from $3 million in 2023, with the company also expecting to report positive net income-a dramatic turnaround from its net loss in the prior year.
Looking ahead, 2025 revenue is projected to be in the range of $40 million to $50 million, reflecting continued market expansion and strong demand for Phoenix's zero-emission commercial vehicle solutions.
"Phoenix Motor is entering a transformative period of sustained growth," said Denton Peng, CEO of Phoenix Motor. "We are proud to be delivering on our vision of accelerating the transition to zero-emission transportation while achieving record financial performance. With a growing order book, expanding production, and strong industry tailwinds, we are well-positioned for long-term success."
The commercial EV market is projected to grow at a 26.4% CAGR, reaching $55.9 billion by 2029. As an early leader in electric commercial vehicle manufacturing, Phoenix Motor remains focused on delivering innovative, high-quality solutions to transit agencies, municipalities, corporate fleets, and other key customers seeking to transition to zero-emission transportation.
About Phoenix Motor Inc.
Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: phoenixev.ai.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact: IR@phoenixev.ai
Dave Gentry, CEO RedChip Companies, Inc.1-407-644-4256 PEV@redchip.com
SOURCE: Phoenix Motor Inc.
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