The company disclosed its finances for the first time in its filing, disclosing a decline in revenue and extensive losses for the nine months ended September 2021.
see photosThe company will be listed on the Nasdaq under the symbol “PEV”.
Phoenix Motors filed for an initial public offering in the United States on Monday, becoming the latest electric-vehicle (EV) maker to capitalize on a growing investor’s appetite for eco-friendly automobiles.
The Ontario, California-based company also disclosed its finances for the first time in its filing, disclosing declining revenue and widespread losses for the nine months ended September 2021.
Established in 2003, Phoenix manufactures electric buses and trucks and is developing commercial EVs for various government fleet markets and commercial customers.
The company operates under the Phoenix Motorcars brand and launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014.
EV companies have emerged as some of the hottest investment targets since last year
Phoenix, which was acquired by renewable energy company SPI Energy in November last year, had delivered 84 shuttle buses and 14 work and delivery trucks as of September 30.
EV companies have emerged as some of the hottest investment targets since last year, as investors and lawmakers alike push for greater sustainability across businesses.
Earlier this month, Amazon-backed EV maker Rivian Automotive made its stock market debut in New York, garnering a market valuation of more than $100 billion after the world’s largest initial public offering this year.
Luxury electric vehicle maker Lucid Group Inc. also went public this year through a $24 billion merger with a special-purpose acquisition company.
Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for the Phoenix offering.
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The company will be listed on the Nasdaq under the symbol “PEV”.
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