Why Did The Phoenix Motor (PEV) Stock Rise 7% In After-Hours Trading On Friday?

In the absence of any major news, shares of Phoenix Motor Inc. (NASD: PEV) were up 7.14% or $0.16 at $2.40 at the time of our last check.

What then may be driving up the stock price?

The stock increased after hours; perhaps making up for the loss it suffered during the normal session that could have been caused by recent events. So let’s have a look at recent Phoenix Motor advancements (PEV).

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  • PEV has signed a contract with renowned independent automobile design firm IAT Automobile Technology Co.
  • In order to further the engineering and design work for PEV’s fourth generation (“Gen 4”) electric cars, the firms signed into that arrangement.
  • During the vital vehicle development phase, this partnership is anticipated to optimize cost reductions, accelerate time to market, and assure the highest quality standards.
  • The manufacture and distribution of PEV’s Gen 4 cars are anticipated to start in 2023.
  • They will include additional choices aimed at boosting customer happiness and efficiency, and they should result in reduced price points for Phoenix customers.
  • The Gen 4 electric vehicles from Phoenix Motor will have extras like a permanent battery or swappable battery system and eAxle technology, which will increase efficiency and range.
  • Engaging with IAT at this level of its development will aid PEV in carrying out its goal of accelerating the switch to cleaner medium-duty vehicles.
  • The partnership offers PEV assurance that its Gen 4 cars will be produced on schedule, within budget, and should meet or surpass the highest standards of quality.
  • It will be a crucial part of PEV’s “asset light” strategy.

PEV’s acquisition of a fuel cell business

Phoenix Motor has purchased hydrogen fuel cell manufacturing equipment from Altergy Systems, including a robotic, automated fuel cell assembly line (“Altergy”). With its cutting-edge, robotic fuel cell assembly line, the purchased manufacturing plant in Folsom, California, has the capacity to build a fuel cell every 30 seconds.

How would the acquisition aid PEV’s expansion?

To power forklifts, hybrid buses, vans, trucks, long-range, heavy-duty vehicles, and forklifts, Phoenix Motorcar (PEV) will develop and construct hydrogen fuel cells at the manufacturing site. PEV intends to increase output at the Folsom site in the upcoming quarter’s thanks to its capacity to manufacture fuel cells in large quantities utilizing off-the-shelf components, stamped and molded fabrication, and robotic automated assembly equipment.