According to the Inflation Reduction Act, Phoenix Motorcars’ All-Electric vehicles are eligible for a tax credit of up to $40,000. Phoenix Motor Inc. (the “Company” or “Phoenix”), a manufacturer of all-electric, medium-duty vehicles, declared today that it is now a qualified manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act.
Phoenix Motor Inc. (the “Company” or “Phoenix”) (Nasdaq: PEV), a leader in manufacturing of all-electric, medium-duty vehicles, today announced the company is now a qualified manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act. (Photo via https://finance.yahoo.com/)
Up to $40,000 in tax credits are available for all-electric commercial vehicle models from Phoenix Motorcars that weigh more than 14,000 pounds gross vehicle weight rating (GVWR). Tax credits of up to $7,500 are offered for vehicles with GVWRs under 14,000 pounds.
To encourage the adoption of electric vehicles and support domestic production, the commercial clean vehicle credit becomes accessible to enterprises and tax-exempt organizations on January 1, 2023, for the purchase of new electric vehicles. A business can currently claim an unlimited amount of tax credits.
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Phoenix Motorcars CEO Dr. Lance Zhou said, “We are happy to be able to provide clean, safe, and environmentally responsible transportation for people wanting purpose built, all electric vehicles, including trucks, buses, and cargo vans. “Ownership of an all-electric business vehicle will be more affordable supported by the Commercial Clean Vehicle Credit.”
The medium-duty cars from Phoenix Motorcar are dependable and effective, as well as contributing to the fight against global warming. Shuttle buses, trucks, and school buses from Phoenix are among the motor vehicles eligible for a tax credit. Visit www.phoenixmotorcars.com/products for more details on the cars and products offered by Phoenix. Visit www.phoenixmotorcars.com/solutions/finance-leasing for more information on Phoenix’s low-cost financing.
Phoenix Motorcars’ all-electric commercial vehicle models weighing greater than 14,000 pounds gross vehicle weight rating (GVWR) are eligible for up to $40,000 in tax credits. (Photo via https://finance.yahoo.com/)
Phoenix Motor Inc., a leader in the electric vehicle (“EV”) sector, develops, manufactures, and integrates light- and medium-duty EVs, as well as offers electric forklifts and chargers for both the commercial and residential markets. Under the “Phoenix Motorcars” brand, Phoenix sells commercial, medium-duty EVs such as shuttle buses, school buses, municipal transit vehicles, and delivery trucks. Phoenix plans to release “EdisonFuture,” a light-duty electric truck for the consumer and business markets, by 2025. Visit www.phoenixmotorcars.com for additional details.
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The Private Securities Litigation Reform Act of 1995’s definition of “forward-looking statements” applies to the statements in this press release. Plans, objectives, goals, strategies, future events or performance, underlying assumptions, and other statements that are not historical fact are all examples of forward-looking statements. The Corporation is making forward-looking statements when it utilizes terms like “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” or “estimate” that do not only refer to past issues.
Forward-looking statements do not guarantee future performance and are subject to risks and uncertainties that might cause outcomes to substantially differ from those anticipated by the company. These claims are susceptible to risks and uncertainties, including but not limited to:
The company’s capacity to turn concept trucks and vans into sales and production, the timetable for product development and the anticipated start of production, the development of competitive trucks and vans produced and marketed by the company’s rivals and major industry vehicle companies, the company’s capacity to scale effectively, the company’s future capital requirements and sources and uses of cash; the Company’s ability to secure funding for its upcoming operations; the Company’s financial and business performance; changes in the Company’s strategy, upcoming operations, financial position, estimated revenues and losses, projected costs, prospects, and plans; the application, market acceptance, and success of its business model; and expectations regarding the Company’s capacity to secure and maintain intellectual property protection while abiding by others’ rights.
Investors are advised not to put undue reliance on any forward-looking statements in this press release for a variety of reasons, including those listed above. In the company’s filings with the SEC, including those detailed in the Risk Factors section of its registration statement and offering prospectus, both of which can be viewed at www.sec.gov, further factors are mentioned. The Company disclaims any duty to update these forward-looking statements in the public domain to reflect events or circumstances that develop after the date hereof.
