IPO of Phoenix Motor: Another Electric Car Maker Is Going Public
Oil prices hit all possible highs and are very close to 2008 highs. At the same time, retail fuel prices have also skyrocketed. That is why car owners often consider the option of abandoning cars with gasoline and diesel engines. Electric car manufacturers confirm a surge in demand for their products.
In today's article, we will take a closer look at the company engaged in the development and production of various electric vehicles, Phoenix Motor Inc., which plans to go public on June 7 under the ticker symbol “PEV”.
Phoenix Motor IPO: Another electric car maker goes public
What we know about Phoenix Motor
Phoenix Motor designs and manufactures zero-emission electric vehicles, including school buses, trucks and pickups. In addition, the company manufactures chargers and infrastructure and is developing new platforms for commercial vehicles.
Phoenix Motor Business
Phoenix Motor Inc. consisting of Phoenix Cars LLC, Phoenix Motorcars Leasing LLC and EdisonFuture Motor Inc. The company's two main brands are Phoenix Motorcars and EdisonFuture.
The first brand focuses on commercial products such as electric forklifts, trucks and school buses, while the second brand offers light electric vehicles. In the future, the company plans to produce medium-duty electric trucks.
The company's main offerings are:
EF-1 Pick Up
Medium duty electric vehicle
Commercial and personal chargers
electric powertrain
Phoenix Motor Business
Phoenix Motor Business
As of December 31, 2021, Phoenix Motor had raised at least $26 million in Phoenix investments, including parent company EdisonFuture (SPI Energy).
Phoenix Motor's target market prospect
According to a 2021 market research report by Mordor Intelligence, the global electric commercial vehicle market is worth US$53 billion in 2020. By 2026, it could reach $253 billion. As a result, the CAGR (Compound Annual Growth Rate) could be 29.73%.
The main catalysts for this growth are stricter emission regulations for vehicles and advances in battery and charging technology.
In addition, major players in the auto market are constantly investing in new innovative technologies and expanding their vehicle lines. There are also significant government incentives for EV buyers, such as subsidies and tax breaks.
Phoenix Motor's main competitors are:
Lightning eMotors
GreenPower Bus
marine electricity
arrival
Tesla
Rivian
wade through
General machine
Mercedes Benz
Nissan Renault
How is Phoenix Motor performing financially
At the time of the IPO, the issuer had not yet made a net profit. Therefore, we will analyze Phoenix Motor's financial performance with its revenue.
Financial data from the S-1 form shows a large decline in the company's revenue in the first nine months of 2021 compared to the same period in 2022 – 55.8% to $1.68 million.