Phoenix Motor Announces $6 Million Loan Financing Agreement to Support Expansion and Production Growth
Summary
ANAHEIM, CA / ACCESS Newswire / March 19, 2025 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced it has secured a $6 million loan financing agreement with J.J. Astor & Co. The funding will support Phoenix Motors expansion efforts, including increased operations and production to fulfill pending orders for electric transit buses. "We are pleased to secure this strategic financing which will enable us to ramp up production and fulfill key transit bus orders," said Denton Peng, CEO of Phoenix Motor. "As the demand for electric commercial vehicles continues to grow, this investment strengthens our position in the market and supports our mission to accelerate the transition to sustainable transportation. 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.