Phoenix Motor Provides updated earnings guidance for the first quarter of 2024. For the quarter, the company now expects to report a record $9.4 million in revenue for the first quarter, exceeding the previously issued guidance range of $8 million to $9 million. The record quarterly revenue represents a significant increase from the $1.8 million 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.