ANAHEIM, CA / ACCESSWIRE / April 15, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced its revenue guidance for the first quarter of 2024. The company expects to report revenue in the range of $8 million to $9 million, representing a significant increase from the $1.8 million recorded in the first quarter of 2023, which was the company's previous record revenue quarter.
"Our first quarter performance underscores the strength and scalability of our business model," said Denton Peng, CEO of Phoenix Motor. "Our ability to significantly increase revenue is a testament to our innovative product line, the growing market demand for electric vehicles, and continued favorable government policies supporting electrification."
The anticipated increase in revenue is attributed to a number of strategic initiatives undertaken by Phoenix Motor over the past year, including the acquisition of Proterra's transit business and the launch of new products designed to meet the evolving needs of the commercial transportation sector.
"Looking ahead, we remain focused on leveraging our core competencies to further penetrate the markets we serve, while also exploring new opportunities to expand our reach," added Peng. "We are committed to leading the transition to sustainable transportation and believe our strategy aligns well with the increasing global emphasis on reducing carbon emissions."