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Thursday, Sep 29, 2022
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Phoenix Motor Stock Up After Q2 Results

Revenue increased 130% from the year prior

Shares in Phoenix Motor Inc. (Nasdaq: PEV) rose 6% in after-hours trading following a report that it more than doubled its second-quarter revenue.

The Anaheim EV maker’s 130% revenue increase to $1.5 million was mainly driven by sales of electric forklifts, according to company officials.

“We are taking all of these measures to position Phoenix Motorcars for tremendous growth in the quarters ahead as we capitalize both on our successful past experience, as well as the emerging industry tailwinds supported by recently-passed legislation in the U.S. and elsewhere encouraging this green energy transition,” CEO Lance Zhou said in a statement.

Shares in Phoenix were $3.80 per share and a $71 million market cap during after-hours trading.

The company went public in June, raising around $16 million at a starting stock price of $7.50 a share.

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