Phoenix Motor Inc. (Nasdaq: PEV) said it partnered with Chinese EV battery manufacturer Comtemporary Amperex Technology Co. Ltd. (SHE: 300750) (CATL) to co-develop batteries for Phoenix vehicles.
The long-term deal between the Anaheim-based commercial EV maker and the “the world’s largest EV battery manufacturer” will provide Phoenix battery technology for its Gen 4 commercial trucks. The deal also outlines potential cooperation on battery development for Phoenix’s Gen 5 and Gen 6 vehicles as well as the implementation of CATL’s chassis technology to Phoenix trucks.
The partnership “will ensure stability and security of essential battery supply,” Phoenix CEO Lance Zhou said in a statement.
Following the announcement, shares in Phoenix fell 4.3% to $1.55 apiece, giving it a $31 million market cap.
