Represents largest single order in Company history

Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced a purchase order for thirteen all electric, zero-emission trucks to be deployed for Los Angeles World Airports (LAWA). The order was executed through National Auto Fleet Group (NAFG) and will include various battery configurations and Phoenix’s inverter package which offer AC power for tools, compressors and other auxiliary loads, powered straight from the high voltage DC batteries.

The 13 trucks will be built on the Ford E-450 chassis powered by Phoenix’s electric drive system and will serve LAWA’s maintenance department. The all electric, zero-emission trucks are funded, in part, by the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program.

"By investing in the vehicles needed to support a fully electrified fleet, LAWA remains on the leading edge of sustainability and is laying the groundwork to achieve carbon neutrality from airport operations by 2045," said Michael Christensen, Chief Operations and Maintenance Officer, LAWA. "This purchase helps to reduce our environmental impact, while also demonstrating our commitment to innovation and the future of transportation."

The Phoenix vehicles will be equipped with 90-kWh and 140-kWh battery packs offering up to 115 and 150-mile ranges, respectively, and can be fully charged in a little over an hour with a 100-kW Level III charger. The trucks, compared to their equivalent fossil fueled alternatives, can reduce atmospheric emissions by ~61 tons per vehicle annually per vehicle, reduce maintenance costs by 75% and lower fuel costs by 80%.

“We are proud to be deploying yet another project at Los Angeles International Airport. With this order, LAWA is setting a new standard and making a bold statement to begin electrifying their maintenance fleet,” Phoenix’s CEO Denton Peng said. “Zero Emission is a reality we create everyday here at Phoenix Motorcars, and LAWA’s commitment to cleaning the air quality in Los Angeles is a testament to its responsibility and forward thinking.”

Phoenix has been the leader in medium duty electrification for over a decade. With 4 million all-electric miles driven on its zero emission drive systems, Phoenix has unparalleled experience and expertise helping public and private fleets successfully deploy and adopt electric vehicles into their fleets, cleaning the air quality and providing clean, quiet and safe zero emission transportation and mobility for their companies and communities.

“Phoenix Motorcars is proud of our commitment to sustainable vehicle technology, and our long-term commitment to support projects at LAX and the Los Angeles region” said Thomas Allen, Vice President of Sales for Phoenix Motorcars. “With this order, we will have over 50 fully electric, zero emission vehicles serving in and around the Los Angeles International Airport. We thank our partners at National Auto Fleet Group for this order and for helping to secure over $780,000 in HVIP Incentives. Being based right here in Southern California, Phoenix is dedicated to cleaning the air quality in its home state and community. This deployment further adds to our quest to lower emissions in disadvantaged communities and provide safe, clean and reliable transportation and mobility to airport fleets.”

Joshua Jerome, Project Manager for National Auto Fleet Group stated, "Our team strives to make each tomorrow better than the day before, and as an HVIP approved dealership, I'm happy we could partner with Phoenix Motorcars to help move Los Angeles World Airports and the state toward a clean air future."

About Los Angeles World Airports

Los Angeles World Airports (LAWA) is the airport authority that owns and operates Los Angeles International Airport (LAX) and Van Nuys Airport (VNY) for the city of Los Angeles, California. LAWA also owns and manages aviation-related property near the Palmdale Regional Airport (PMD).

The authority's headquarters are on the grounds of LAX in the Los Angeles neighborhood of Westchester. LAWA was established in 1928 as the Los Angeles Department of Airports for the purpose of operating Los Angeles Municipal Airport, now known as Los Angeles International Airport or simply LAX.

The Department of Airports changed its name to Los Angeles World Airports in 1997.

About National Auto Fleet Group

National Auto Fleet Group (NAFG) is an all-in-one vehicle vendor that caters to government agencies across the United States. NAFG was founded on the premise of introducing hassle-free fleet procurement options to government agencies in lieu of the bidding process. Our innovative approach allows members to simplify the purchasing process to just three minimal steps: request a quote, get approval, and issue a purchase order, all based off contract.

As a Sourcewell vendor with two awarded contracts, NAFG has revolutionized government vehicle purchasing by linking our nationwide network of manufacturers and upfitters to meet agency upfitting needs. Our objective is to transform and streamline the purchasing process to reflect the fast-paced and modern society we live in today.

Contract # 091521-NAF offers class 1-3 light duty trucks, cars, vans, SUVs, cab chassis, electric vehicles with all upfitting.

To access our light duty contract, please visit our website at www.NationalAutoFleetGroup.com.

Contract # 060920-NAF offers class 4-8 chassis with related equipment with a variety of upfitting needs to government entities.

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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