EV maker Phoenix Motor stock rallies 45%, but still trading 34% below IPO price

Newly public EV maker Phoenix Motor $Phoenix Motor(PEV.US)$ saw its stock rocket 45% on Wednesday, but the shares are still trading about 34% below their initial public offering price.
Shares of Phoenix, which is a spinout of SPI Energy $SPI Energy(SPI.US)$ , opened at $3.51, recently changing hands at $4.97, up 45%, at approximately 10:45 a.m. ET.
The company went public on June 8 following a downsized $16M initial public offering of 2.1M shares priced at $7.50 per share.
$Phoenix Motor(PEV.US)$ is a maker of EV drive trains, chargers and light-to-medium duty EVs. The company operates two brands: Phoenix Motorcars for medium duty EVs, EV forklifts and chargers, and EdisonFuture, which is focused on developing lighter duty EVs.
Is it too late to buy $Phoenix Motor(PEV.US)$ now? Sell $Tesla(TSLA.US)$ to buy it?