Phoenix Motor sees 2024 revenue in excess of $100M

Phoenix Motor provided its initial guidance incorporating the recently-acquired Proterra Transit business line. As previously reported, Phoenix purchased the business last week from Proterra Inc. and Proterra Operating Company, subsequent to receiving the requisite approval from the U.S. bankruptcy court. This transformative acquisition adds heavy-duty transit buses to Phoenix’s existing product line of medium-duty shuttle and school buses. The company said, “Based on the planning analysis completed so far and the hard work of the approximately 300 transit employees who have just joined Phoenix at our new Greenville, SC manufacturing facility, which was previously operated by Proterra, we expect to deliver more than 100 transit buses in 2024 and generate revenues in excess of $100 million. We look forward to providing more information about our business plan, including our outlook for improving gross margins, increasing production volumes, enhancing customer satisfaction and providing a safe and stable environment for our workforce in coming months as we integrate our new business and team.”