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Phoenix Motors becomes latest EV maker looking to tap public markets

By Reuters

<div> <p> -Phoenix Motors filed for an initial public offering in the United States on Monday, becoming the latest electric-vehicle (EV) maker looking to cash in on a growing investor appetite for eco-friendly automobiles.</p> <p>The Ontario, California-based company also disclosed its finances for the first time in its filing, revealing a fall in revenue and wider losses for the nine months ended September 2021. </p> <p>Founded in 2003, Phoenix manufactures electric buses and trucks and has been developing commercial EVs for various government fleet markets and commercial clients. </p> <p>The company operates under the brand Phoenix Motorcars and launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014. </p> <p>Phoenix, which was acquired by renewable energy company <span class="caps">SPI</span> Energy in November last year, had delivered 84 shuttle buses and 14 work and delivery trucks as of Sept. 30, it said. </p> <p>EV companies have emerged as some of the hottest investment targets since last year, as investors and lawmakers alike push for more sustainability in businesses. </p> <p>Earlier this month, Amazon-backed EV maker Rivian Automotive made its stock market debut in New York, fetching a market valuation of more than $100 billion after the world’s biggest initial public offering this year. </p> <p>Luxury electric vehicle maker Lucid Group Inc also went public this year through a mega $24 billion merger with a special purpose acquisition company. </p> <p>Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for Phoenix’s offering. </p> <p>The company will be listed on the Nasdaq under the symbol “<span class="caps">PEV</span>.”</p> </div>