TNI || New Delhi || 1st Dec 2021
Phoenix Motors, founded in 2003 has filed for an IPO in the U.S. on Monday. This move makes it the latest EV manufacturer who is looking to cash in on the unstoppable investor appetite for sustainable vehicles.
Notably, this is the first time that Phoenix Motors has disclosed its finances that reveal a fall in revenues and also show wider losses for the first nine months ending September 2021.
Phoenix put forth its first e-drivetrain in 2009 and also sold the first commercial EV shuttle bus in 2014.
Of late, EV developing companies have emerged as one of the hottest investment targets.
This push towards them has taken place as both the investors as well as lawmakers are looking for more sustainability across businesses.
Not even a month ago, EV manufacturer, Rivian Automotive which is Amazon-backed, made its stock market debut on NYSE and fetched a market valuation of more than $100 billion.
EF Hutton, Roth Capital Partners, and Maxim Group happen to be the underwriters of the Phoenix IPO. PEV will be the symbol under which the company will be listed on Nasdaq.