61.3 F
Laguna Hills
Monday, Nov 28, 2022
-Advertisement-

Phoenix Motor Partners with Contemporary Amperex Technology

Deal supplies Phoenix with CATL battery technology for Gen 4 trucks

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.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Previous article
Next article
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-