Phoenix Motor announced updated guidance for the first quarter of 2024. The company now expects to report a record $9.4M in revenue for the first quarter, exceeding the previously issued guidance range of $8M to $9M. The record quarterly revenue represents a significant increase from the $1.8M recorded in the first quarter of 2023, which was the company’s previous record revenue quarter. Phoenix Motor also expects to report record gross profit and record net income for the first quarter of 2024. “Our record first quarter performance underscores the strength and scalability of our business model,” said Denton Peng, CEO of Phoenix Motor. “The transformative acquisition of Proterra’s Transit business and battery lease portfolio during the first quarter, which added heavy-duty transit buses to Phoenix’s existing product line of medium-duty shuttle and school buses, has been a key driver behind our substantial year-over-year performance improvements, but has also led to unexpected delays related to our filing requirements. Our team is working diligently to complete our quarterly filing with the SEC, and we anticipate the process will be completed soon.”