Home  »  Investing News   »  What Caused Friday’s After-Hours 5% Rise in ...

What Caused Friday’s After-Hours 5% Rise in The Phoenix Motor (PEV) Stock?

At last check, shares of Phoenix Motor Inc. (NASDAQ: PEV) were up 5.13%, trading at $1.64. Since the firm revealed its quarterly results last week, the PEV stock appears to be rebounding after hours.

How did PEV fare during the quarter that was reported?

The third quarter ending September 30, 2022, financial results for Phoenix Motor (PEV) were released on Monday.

5 Undervalued Stocks For 2023

Approximately 544 miles north of Las Vegas lies what's been dubbed "the biggest lithium deposit in the US." One tiny company stands to be the biggest beneficiary because lithium "faces a long-term supply shortage," according to Barron's. This company, however, is sitting on a goldmine opportunity as it plans to produce 30,000 tonnes per annum over the next 3.5 years from this single deposit. Supplying the electric vehicle boom and potentially driving its stock price off the charts. But this is just one of the opportunities we have researched in our free report. The other four companies have just as much potential.

Click here to download your Free Copy…

Sponsored

Third-quarter financial highlights include:

  • Phoenix Motor’s third-quarter revenue came to $409,000, down around 26% from the same time a year earlier when it was $554,000 in total. The delivery of electric cars (or “EVs”) was postponed from the third quarter of 2022 into the fourth quarter and the first quarter of 2023 as a consequence of software-related problems and battery supply difficulties, which were the main causes of the reduction.
  • PEV reported a gross profit of $121,000 in the third quarter of 2022 as opposed to a loss of $49,000 in the same period the previous year. That rise was caused by a change in the product mix toward items with greater gross margins, notably lithium ion-powered electric forklifts.
  • PEV’s net losses rose to $3.9 million in the third quarter of 2022 from a loss of $2.2 million in the same quarter the previous year.
  • PEV had $20.5 million in total assets as of September 30, 2022.
  • As of September 30, 2022, PEV has $1.3 million in cash and cash equivalents.

Recent Business Highlights:

  • The biggest EV battery producer in the world, CATL (Contemporary Amperex Technology Co., Limited), has just sent PEV a nomination letter defining the parameters of strategic collaboration and the purchase of K-Pack batteries and related goods for Phoenix Motorcars’ product lines.
  • Phoenix Motor (PEV) and Pegasus Specialty Vehicles announced their strategic alliance to create Class A electric school buses with a focus on the North American market in October.
  • In order to achieve cost economies, shorten the time to market, and guarantee the highest quality standards, PEV also hired IAT in October to accelerate engineering and design work for Phoenix’s Gen 4 EVs.

Most Popular

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Related Posts