Phoenix Motor Inc. (“Company” or “Phoenix”) (Nasdaq: PEV), a leader in manufacturing all-electric, medium-duty vehicles, is pleased to announce the promotion of Dr. Frank Lee to Chief Technology Officer and the hiring of Dr. Joseph Xiang to serve as Vice President of Electrical and Software Engineering.

“We are proud to be able to attract such talented, seasoned industry veterans,” said Dr. Lance Zhou, CEO of Phoenix Motorcars. “The promotion of Frank and the addition of Joseph to our senior management team further positions Phoenix for success as we continue to execute on our global growth strategy.”

Chris Wang, CFO of Phoenix Motorcars, commented, “The promotion of Frank and addition of Joseph lends additional knowledge and expertise to our operational and technical capabilities. I am proud of the team we have built and our successes to date. Phoenix is poised for transformational growth within the rapidly developing medium-duty EV market.”

Dr. Frank Lee brings over 30 years of experience in vehicle development, with expertise in auto body structure, power train integration (EV, EREV, PHEV & ICE) and vehicle integration, as well as vehicle product strategy and product development systems. Dr. Lee joined Phoenix last year and prior to that had most recently served as Vice President of Vehicle Integration at Karma Automotive, an Irvine, CA-based EV manufacturer. Previously Dr. Lee has held senior leadership positions including Chief Engineer for BYD Auto, Deputy General Manager for Beiben Trucks, and VP/Senior Chief Engineer for Geely Holding Group. Dr. Lee earned his Ph.D. in Engineering Mechanics from Ohio State University, in Columbus, Ohio, and his MA in Mechanics and BS in Mechanics from the Huazhong University of Science and Technology.

Dr. Joseph Xiang brings 35 years of engineering experience, with more than 25 years in the automotive arena. Dr. Xiang most recently served as a Staff Motor Control Engineer for SERES, previously serving for twelve years as General Manager of Corporate Engineering for Johnson Electric International Ltd., in Hong Kong. Prior to this Dr. Xiang worked in Dearborn, MI, for Visteon Corp for seven years and Ford for five years, in senior leadership roles including as an Electric Drive and Control Technical Expert, as a Technical Professional and Product Design Engineer. Dr. Xiang earned his Ph.D. in Electrical Engineering from the University of Kentucky, and his MSEE and BSEE degrees from the Huazhong University of Science and Technology in Wuhan, China.

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 operates two primary brands, “Phoenix Motorcars,” which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, 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. For more information, please visit: www.phoenixmotorcars.com.

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 factors include, among others, 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 20-F 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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