ANAHEIM, CA / ACCESSWIRE / October 11, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced a new partnership with Bay Area Founders Club to advance the establishment of its previously announced Artificial Intelligence (AI) development center in Silicon Valley, California. This agreement marks a significant step forward in Phoenix Motor's strategic efforts to lead the development of next-generation electric and autonomous bus technology.
The partnership with Bay Area Founders Club (BFC), founded in Silicon Valley and managed by a dedicated group of Stanford alumni and students, will support Phoenix Motor in setting up the AI lab, with a focus on driving innovations in self-driving technology and advanced energy management systems for shuttle buses and transit buses. BFC is a thriving community of over 10,000 members, including more than 120 startups and over 200 venture capital firms. Through this collaboration, Phoenix Motor aims to tap into BFC's strong network of experts, resources, and advisors to expedite the development of cutting-edge technologies.
"We are excited to partner with Bay Area Founders Club, whose expertise and network will significantly enhance our efforts as we build a foundation for our AI development lab in the heart of Silicon Valley," said Denton Peng, CEO of Phoenix Motor. "This partnership allows us to accelerate the progress of our AI initiatives, bringing us closer to delivering next-generation electric bus technology that will define the future of commercial transportation."
Bay Area Founders Club's involvement will provide additional guidance, industry connections, and support to Phoenix Motor, enhancing the company's ability to establish a robust AI research ecosystem. The AI development center is expected to create strategic partnerships and foster a strong talent pool in the region, further enabling Phoenix Motor to innovate and excel in electrification and autonomous vehicle solutions.
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.
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SOURCE: Phoenix Motor Inc.