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Phoenix Motors becomes latest EV maker looking to tap public markets

Nov 29 (Reuters) – Phoenix Motors filed for an initial public offering in the United States on Monday, becoming the latest electric-vehicle (EV) maker looking to cash in on a growing investor appetite for eco-friendly automobiles.

The Ontario, California-based company also disclosed its finances for the first time in its filing, revealing a fall in revenue and wider losses for the nine months ended September 2021.

Founded in 2003, Phoenix manufactures electric buses and trucks and has been developing commercial EVs for various government fleet markets and commercial clients.

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The company operates under the brand Phoenix Motorcars and launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014.

Phoenix, which was acquired by renewable energy company SPI Energy (SPI.O) in November last year, had delivered 84 shuttle buses and 14 work and delivery trucks as of Sept. 30, it said.

EV companies have emerged as some of the hottest investment targets since last year, as investors and lawmakers alike push for more sustainability in businesses.

Earlier this month, Amazon-backed EV maker Rivian Automotive (RIVN.O) made its stock market debut in New York, fetching a market valuation of more than $100 billion after the world’s biggest initial public offering this year.

Luxury electric vehicle maker Lucid Group Inc (LCID.O)also went public this year through a mega $24 billion merger with a special purpose acquisition company.

Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for Phoenix’s offering.

The company will be listed on the Nasdaq under the symbol “PEV.”

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Reporting by Manya Saini and Sohini Podder in Bengaluru; Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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