Phoenix Motor Projects Tenfold Revenue Surge and Further Growth

March 7, 2025

DENVER, Colo., Mar 07, 2025 (247marketnews.com)- Phoenix Motor (NASDAQ:PEV) is boldly forecasting that could redefine its place in the zero-emission transportation landscape. The Anaheim-based manufacturer of heavy-duty transit buses and medium-duty electrification solutions unveiled its 2024 and 2025 revenue guidance, projecting a rise from $3 million in 2023 to $30-31 million in 2024—a tenfold increase—and a further climb to $40-50 million in 2025. Phoenix Motor expects to flip from a net loss to positive net income in 2024, signaling a transformative leap forward.

Denton Peng, Phoenix Motor’s CEO, said, “Phoenix Motor is entering a transformative period of sustained growth. We are proud to be delivering on our vision of accelerating the transition to zero-emission transportation while achieving record financial performance. With a growing order book, expanding production, and strong industry tailwinds, we are well-positioned for long-term success.”

The commercial EV market is projected to grow at a 26.4% CAGR and hit $55.9 billion by 2029. Phoenix, an early mover in this space, is capitalizing on these tailwinds.

The 937% revenue surge in Q2 2024 ($12.03 million vs. $1.16 million in Q2 2023) offers a preview of this trajectory. The growth is bolstered by strategic wins like the acquisition of Proterra’s transit business and contracts with some universities.

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