Phoenix Motor Drops Despite Revenue Surge, New EV Contracts

Phoenix Motor Inc. (NASDAQ:PEV) shares are trading lower on Friday. On Thursday, the company reported a substantial increase in the second-quarter results.

Net revenues rose to $12.03 million from $1.16 million in the prior year quarter.

In May 2024, the company delivered five 40′ ZX5 battery electric buses to the University of California, Irvine (UCI).

Additionally, Phoenix Motor inked a contract to supply four all-electric transit buses to the University of California, ...