EV maker Phoenix Motors files for U.S. IPO

[November 29, 2021]  (Reuters) - 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.

Phoenix Motors 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.

Phoenix, founded in 2003, launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014.

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.

Earlier this month, Amazon-backed EV maker Rivian Automotive made its stock market debut https://www.reuters.com/business/autos-transportation/ev-maker-rivian-set-high-profile-market-debut-after-mammoth-ipo-2021-11-10 in New York, fetching a market valuation of more than $100 billion.

Maxim Group, Roth Capital Partners and EF Hutton are the underwriters for Phoenix's offering.

The company will be listed on the Nasdaq under the symbol "PEV."

(Reporting by Manya Saini in Bengaluru; Editing by Vinay Dwivedi)

[© 2021 Thomson Reuters. All rights reserved.]

Copyright 2021 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.