Phoenix Motor Inc. (Nasdaq: PEV) said Monday it’s partnering with Chinese vehicle design company IAT Automobile Technology Co. Ltd. to reduce costs and accelerate the development of Phoenix’s Gen 4 vehicles.
The agreement will allow Phoenix’s Gen 4 vehicles to begin production and delivery next year, the Anaheim EV commercial truck maker said. The company also expects to offer its Gen 4 vehicles at lower price points.
Features of Phoenix’s Gen 4 vehicles include a fixed battery or swappable battery and new technology that will deliver a higher mileage range, according to company officials.
“Our collaboration with IAT, a premier automobile R&D firm, is a key component of our ‘asset light’ strategy and gives us confidence that our Gen 4 vehicles will be released on time, within budget and should exceed the highest of quality standards,” Phoenix CEO Lance Zhou said in a statement.
Shares in Phoenix were down 5.7% to $2.16 apiece in midday trading, giving it a $44 million market cap.