PEVM on OTC

PHOENIX MOTOR INC.

PHOENIX MOTOR INC. is an American truck and bus bodies company based in Anaheim, listed on OTC (PEVM).1

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Last updated Oct 20, 2026.

Overview

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  • TickerPEVM on OTC1
  • IndustryTruck & Bus Bodies1
  • HeadquartersOntario, California1
  • Incorporated inDE2
  • Business address401 South Doubleday Avenue, Ontario, Ca 917612
  • Filer category, Emerging growth company2
  • Legal formCorporation

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4”) drivetrain in 2024, which has allowed for substantially higher production volumes and achieve significant cost reduction.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

22.6%Gross margin4
-99.4%Operating margin4
25.5%Net margin4
897.9%Revenue growth, 20244
76.9%Return on equity4
0.01×Debt to equity4
-$2.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue35¢$24.1M
  • Selling, general and admin49¢$33.8M
  • Income tax5¢$3.5M
  • Profit11¢$7.9M

Out of $31.2M in revenue.4

Financial statements

Revenue564$31.2M in 2024+946% since 2021
0$10.0M$20.0M$30.0M$40.0M2021: $3.0M$3.0M20212022: $4.3M$4.3M2022+45%2023: $3.1M$3.1M2023−28%2024: $31.2M$31.2M2024+898%
Gross profit564$7.1M in 2024
-$2.0M0$2.0M$4.0M$6.0M$8.0M2021: -$563.0K-$563.0K20212022: $820.0K$820.0K20222023: -$276.0K-$276.0K20232024: $7.1M$7.1M2024
Operating income564-$31.0M in 2024+116% since 2021
-$40.0M-$30.0M-$20.0M-$10.0M02021: -$14.3M-$14.3M20212022: -$13.2M-$13.2M2022−8%2023: -$20.5M-$20.5M2023+56%2024: -$31.0M-$31.0M2024+51%
Net income564$7.9M in 2024
-$30.0M-$20.0M-$10.0M0$10.0M2021: -$14.6M-$14.6M20212022: -$12.7M-$12.7M2022−13%2023: -$20.6M-$20.6M2023+62%2024: $7.9M$7.9M2024
Fiscal year20202021202220232024
Revenue$3.0M5$4.3M6$3.1M4$31.2M4
Cost of revenue$3.5M5$3.5M6$3.4M4$24.1M4
Gross profit-$563.0K5$820.0K6-$276.0K4$7.1M4
Selling, general and admin$13.8M5$14.0M6$14.9M4$33.8M4
Operating income-$14.3M5-$13.2M6-$20.5M4-$31.0M4
Income before tax-$14.6M5-$12.7M6-$20.6M4$11.4M4
Income tax$11.0K5$9.0K6$22.0K4$3.5M4
Net income-$14.6M5-$12.7M6-$20.6M4$7.9M4
Earnings per share-$0.845-$0.656-$0.974$0.224
Earnings per share (diluted)-$0.845-$0.656-$0.974$0.214
Shares (weighted, basic)17.5M shares519.7M shares621.2M shares435.5M shares4
Shares (weighted, diluted)17.5M shares519.7M shares621.2M shares436.6M shares4

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Corporate structure

PHOENIX MOTOR INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PHOENIX MOTOR INC.

  • YA II PN, Ltd. Filed SC 13G/A on PHOENIX MOTOR INC., latest Nov 6, 2024 (3 filings since Nov 23, 2022)
  • Palo Alto Clean Tech Holding Ltd Filed SC 13D on PHOENIX MOTOR INC., latest Oct 16, 2023
  • PHOENIX MOTOR INC. Ontario, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PHOENIX MOTOR INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$7.5M4 Dec 31, 2024$3.8M4 Dec 31, 2023+96.9%
Accumulated depreciation$3.7M4 Dec 31, 2024$2.2M4 Dec 31, 2023+68.9%
Property and equipment, net$3.8M4 Dec 31, 2024$1.1M4 Dec 31, 2023+238.2%
Operating-lease assets (leased space)$1.7M4 Dec 31, 2024$3.8M6 Dec 31, 2022−54.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$764.0K4 Dec 31, 2024$31.0K4 Dec 31, 2023+2364.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$4.3M4 Dec 31, 2023$4.3M6 Dec 31, 20220%
Finite-lived intangibles, gross$3.1M4 Dec 31, 2023$3.1M6 Dec 31, 20220%
Accumulated amortization-$2.1M4 Dec 31, 2023$1.4M6 Dec 31, 2022−242.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$40.8M4 Dec 31, 2024$1.8M4 Dec 31, 2023+2169.5%
Raw materials$35.5M4 Dec 31, 2024$865.0K4 Dec 31, 2023+4005.8%
Work in process$4.7M4 Dec 31, 2024$108.0K4 Dec 31, 2023+4284.3%
Finished goods$510.0K4 Dec 31, 2024$823.0K4 Dec 31, 2023−38.0%

Properties, in its own words

Our principal executive offices are located at its headquarters comprising approximately 39,043 square feet at 1500 Lakeview Loop, Anaheim, California. The lease on the Anaheim facility expires in March 2027. We currently carry out the production of our electric transit buses from a lease facility at 1 Whitlee Ct, Greenville, South Carolina. The Greenville Facility is leased by use at a rent of $1.3 million per year and the lease on Greenville Facility expires in June 2026. We believe that our existing facilities are adequate for our current business operations and we will be able to enter into lease arrangements on commercially reasonable terms for future expansion.

Item 2 of the 10-K filed May 30, 2025.3

Leadership

Who has led PHOENIX MOTOR INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Liang Lance Zhou2022

Chair

  1. Xiaofeng Peng2022

Chief financial officer

  1. Michael Yung2024
2025
Board members and other officers (9)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorChris Denton Wang named Nov 2, 2023 to Feb 8, 202419
  • DirectorJohn F. Perkowski named Nov 2, 2023 to Feb 8, 202419
  • DirectorLance E. Zhou named Nov 2, 202320

Timeline

  1. Aug 14, 20268-K Executive or director change21
  2. Jun 5, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation22
  3. Feb 20, 20268-K Executive or director change23
  4. Feb 11, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed24
  5. Feb 9, 20268-K Executive or director change25
  6. Dec 23, 20258-K Shareholder vote26
  7. Nov 19, 20258-K Bylaws or fiscal year changed27
  8. Sep 5, 20258-K Executive or director change28
  9. Aug 14, 20258-K Executive or director change29
  10. Aug 5, 20258-K Executive or director change30
  11. Aug 5, 20258-K Entered a material agreement; Unregistered sale of shares31
  12. Jul 31, 20258-K Change to shareholders' rights; Bylaws or fiscal year changed32
  13. Oct 7, 2022New chief executive Liang Lance Zhou becomes CEO9

Calendar

When it reported results

  1. Nov 14, 2023Reported quarterly or annual results33
  2. Aug 21, 2023Reported quarterly or annual results34
  3. May 18, 2023Reported quarterly or annual results35
  4. Mar 30, 2023Reported quarterly or annual results36
  5. Nov 16, 2022Reported quarterly or annual results37
  6. Aug 17, 2022Reported quarterly or annual results38

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

188 filings to the SEC since October 2021: 3 annual reports, 13 quarterly reports, 76 major events, 20 insider forms, 4 large holders, 2 private raises, 70 other. The latest 20:

  1. Aug 14, 20268-K EDGAR
  2. Jun 5, 20268-K EDGAR
  3. Feb 20, 20268-K EDGAR
  4. Feb 11, 20268-K EDGAR
  5. Feb 9, 20268-K EDGAR
  6. Dec 23, 20258-K EDGAR
  7. Dec 1, 2025DEF 14A EDGAR
  8. Nov 19, 20258-K EDGAR
  9. Nov 17, 2025PRE 14A EDGAR
  10. Nov 14, 202525-NSE EDGAR
  11. Nov 12, 202510-Q EDGAR
  12. Sep 5, 20258-K EDGAR
  13. Aug 14, 202510-Q EDGAR
  14. Aug 14, 20258-K EDGAR
  15. Aug 5, 20258-K EDGAR
  16. Aug 5, 20258-K EDGAR
  17. Jul 31, 20258-K EDGAR
  18. Jun 30, 20258-K EDGAR
  19. Jun 27, 202510-Q EDGAR
  20. Jun 20, 20258-K EDGAR

The 188 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 26, 2023EdisonFuture, Inc.10% ownerSale12,000,000$1.02$12.2MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Xiaofeng Peng50$506.0K$524.0K41
2024Lewis W Liu63$145.2K$190.9K41
2024Michael Yung$131.1K$139.8K41
2023(Chief Operating Officer)$200.0K41
2023(DirectorExecutive Chairman of Board Director, Chief Executive Officer)$158.9K41

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 2, 2024Raised $4.8 million in a private offering of securities Form D: 4 investors so far Form D
  2. Oct 26, 2023Raised $3.4 million in a private offering of debt Form D: 1 investor so far Form D

SEC filer profile

How PHOENIX MOTOR INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPHOENIX MOTOR INC.1
  • CIK0001879848
  • Employer ID (EIN)85-43197893
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3713 Truck & Bus Bodies1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address401 South Doubleday Avenue, Ontario, CA 917611
  • Phone909-987-08151
  • Shares outstanding12,870,917 as of Nov 10, 20258
  • Public float$5.2M as of Jun 30, 20243
  • AuditorYu Certified Public Accountant, P.C., New York, New York PCAOB ID 5910; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 24, 20211
  • Filings190 in all: 8-K (71), 3 (15), 10-Q (11), CORRESP (10), S-1/A (10), UPLOAD (10), 4 (5), 8-K/A (5)1
    All 35 form types

    EFFECT (4), 10-K (3), DEF 14A (3), FWP (3), NT 10-Q (3), PRE 14A (3), S-1 (3), 10-Q/A (2), 424B3 (2), 424B5 (2), D (2), DEF 14C (2), DRS (2), DRS/A (2), DRSLTR (2), NT 10-K (2), PRE 14C (2), SC 13G/A (2), 25-NSE (1), 424B4 (1), 8-A12B (1), CERT (1), DEFR14A (1), S-3 (1), S-8 (1), SC 13D (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) May 30, 2025
    Quarterly report (10-Q) Nov 12, 2025
    Proxy statement (DEF 14A) Dec 1, 2025
    Latest 8-K (8-K) Aug 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0004 per sharePEVNasdaq

From the cover page of the 10-K filed May 30, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks PHOENIX MOTOR INC. names in Item 1A of its 10-K filed May 30, 2025: 50 risks under these headings, as written.3

  • Risks Related to Our Financial Condition
  • Our results of operations have not resulted in profitability, and we may not be able to achieve profitability going forward.
  • We have yet to achieve positive cash flow and, given our projected funding needs, our ability to generate positive cash flow is uncertain.
  • Our audited financial statements included a statement that there is a substantial doubt about our ability to continue as a going concern and a continuation of negative financial trends could result in our inability to continue as a going concern.
  • We will require additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of our electric vehicles.
  • Risks Related to Our Business and Industry
  • We may experience delays in launching and ramping up production or we may be unable to control our manufacturing costs.
  • The automotive market is highly competitive, and we may not be successful in competing in this industry.
  • Phoenix faces competition from global automotive manufacturers.
  • Costs of electric vehicles or transit buses are high in comparison with those of traditional vehicles powered by internal combustion engines or hybrids.
  • The range of Phoenix’s existing EVs or transit buses is limited, compared with that of traditional vehicles.
  • We may experience significant delays in the design, manufacture, financing, regulatory approval, launch and delivery of our vehicles, which could harm our business, prospects, financial condition, results of operations, and cash flows.
The other 40 risks
  • All of Phoenix’s current range of products are built on Ford’s E-450 chassis. A decision by Ford to offer an electric version of this chassis, directly, would impact the viability of Phoenix’s current products.
  • Our future growth is dependent upon the willingness of operators of commercial vehicle fleets to adopt electric vehicles and upon our ability to produce, sell and service vehicles that meet their needs. If the market for commercial electric vehicles does not develop as we expect, or if it develops slower than we expect, our business, prospects, financial condition and operating results will be adversely affected.
  • Phoenix has a limited number of customers, with which Phoenix does not have long-term agreements, and expects that a significant portion of our future sales will be from a limited number of customers. The loss of any of these customers could materially harm Phoenix’s business.
  • An inability to attract new customers for our Gen 4 products and future generations of products will substantially impact our ability to grow revenue or improve our financial results.
  • We may not be able to accurately estimate the supply and demand for our vehicles, which could result in a variety of inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays.
  • We face various challenges in scaling manufacturing, assembling, and converting processes effectively and quickly from low volume production to high volume production for our Gen 4 drivetrain products.
  • The complexity in our business is expected to grow as we develop new products and services. We have limited experience in simultaneously designing, testing, manufacturing, upgrading, adapting and selling our electric drivetrains as well as limited experience allocating our available resources among the design and production of multiple electric drivetrains. As we add complexity to our product line and introduce new products and services, we may experience unexpected delays.
  • Our future growth depends upon our ability to maintain relationships with our existing suppliers and source suppliers for our critical components, and to complete building out our supply chain, while effectively managing the risks due to such relationships.
  • We may be unable to adequately control the costs or maintain adequate supply of components associated with our operations.
  • Disruption of supply or shortage of raw materials could harm our business.
  • Phoenix EVs use lithium-ion batteries, which, if not appropriately managed and controlled, have caught fire or released smoke and flames. Such events could result in liability under Phoenix’s warranties, for damage or injury, adverse publicity and a potential safety recall, any of which would hurt Phoenix’s prospects.
  • If our vehicles fail to perform as expected or have defects, our ability to develop, market and sell or lease our electric vehicles could be harmed.
  • We are relying on third-party suppliers to develop a number of advanced technologies for use in our products.
  • We are relying on a limited number of third-party suppliers to provide us with products for our charger and material handling division.
  • Our success may be dependent on our development and protection of intellectual property rights.
  • We may not succeed in establishing, maintaining and strengthening our brand, which would materially and adversely affect customer acceptance of our vehicles and components and our business, revenues and prospects.
  • Our electric vehicles will compete for market share with vehicles powered by other vehicle technologies that may prove to be more attractive than our vehicle technologies.
  • We may be unable to keep up with changes in electric vehicle technology as new entrants and existing, larger manufacturers enter the electric vehicle space.
  • The failure to successfully integrate Proterra Transit Business Unit’s business and operations in the expected time frame may adversely affect the combined company’s future results.
  • Phoenix’s business requires highly technically skilled personnel, for whom Phoenix must compete for employment.
  • Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud, which may affect the market for and price of our common stock.
  • Risks Related to Ownership of Our Common Stock
  • The market price of our securities may fluctuate and may decline.
  • Trading of our common stock has been suspended on Nasdaq, which may adversely affect the liquidity and trading price of our shares, and we may be unable to regain or maintain listing on a national securities exchange.
  • Sales of substantial amounts of our common stock in the public markets by our existing stockholders, or the perception that such sales might occur, could cause the market price of our common stock to decline significantly, even if our business is doing well.
  • The issuance of additional shares of our common stock in connection with financings, acquisitions, investments, our share incentive plans or otherwise will dilute all other stockholders.
  • We do not expect to declare any dividends in the foreseeable future.
  • Risks Relating to Regulation and Claims
  • Product liability or other claims could have a material adverse effect on our business.
  • Regulatory requirements may have a negative effect upon our business.
  • The unavailability, reduction or elimination of government and economic incentives could have a material adverse effect on our business, prospects, financial condition and operating results.
  • We may be exposed to liability for infringing upon other companies’ intellectual property rights.
  • We are subject to various environmental laws and regulations that could impose substantial costs upon us and cause delays in building our manufacturing facilities.
  • Changes in laws or regulations, or a failure to comply with any laws and regulations, or any litigation that we may be subject to or involved in may adversely affect our business, investments and results of operations.
  • We may be compelled to undertake product recalls or take other actions, which could adversely affect our business, prospects, operating results, reputation and financial condition.
  • We may not have adequate insurance coverage for possible claims, lawsuits, product recalls or other damages claims made against us.
  • Insufficient warranty reserves to cover future warranty claims could adversely affect our business, prospects, financial condition and operating results.
  • General Risk Factors
  • Economic conditions could adversely affect our business.
  • Litigation may adversely affect our business, financial condition and results of operations.
  • We are subject to cyber security risks. If a cyber security incident occurs, we could suffer information theft, data corruption, operational disruption and our business and results of operations could be harmed.
  • Phishing scams could compromise sensitive data, harm our reputation, and lead to financial losses.
  • Material adverse developments in domestic and global economic conditions, or the occurrence of other world events, could materially adversely affect our revenue and results of operations.

Legal proceedings

As of the date of this report, there are no pending or ongoing legal proceedings that are material to the Company’s operations or financial condition. We regularly review and update our disclosure to reflect any changes in our legal exposures.

The opening of Item 3, Legal Proceedings.3

Sources

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