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.

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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.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix markets its commercial, medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others) under its “Phoenix Motorcars” brand. Phoenix intends to bring “EdisonFuture” to market by 2025, which is its light-duty EV truck offering for the recreational and commercial market. For more information, please visit: www.phoenixmotorcars.com.

About Matthews Specialty Vehicles

Matthews Specialty Vehicles, Inc has been the premier specialty vehicle manufacturer since 1992. A global leader in the custom design and manufacture of purpose-built specialty vehicles for commercial applications, including mobile healthcare, biomedical services, bloodmobiles, bookmobiles, classrooms, public safety, and shuttles. Matthews’ custom builds can be found serving private sector organizations, law enforcement agencies, governments, and military organizations across the US and around the world. For more information, please visit: www.msvehicles.com

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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