North Carolina city spent millions on electric buses that don't run [FOX Business Network]
Phoenix Motor Inc. (PEV)
Company Research
Source: FOX Business Network
The city of Asheville, North Carolina , shelled out millions of dollars in 2018 to add five electric buses to its fleet. Now, three of the five sit idle, and city employees are telling the cautionary tale. Asheville's interim transportation director, Jessica Morriss, told local station WLOS-TV that the three out-of-commission buses are down due to a combination of software issues and mechanical problems, and one has had a broken door since July that can't be replaced. "We haven't been able to get new doors," Morriss told the outlet. "There's no third party that makes a door. We'd have to get custom-made doors." Part of the issue is that the company that made the electric buses, Proterra, filed for bankruptcy in August. According to The News & Observer, Proterra's operations are still shut down. The company was recently purchased by Phoenix Motor, but it is unclear when parts and services for existing Proterra buses will be available. "The last couple of years have been partic
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PEV
News
- Phoenix Motor Strengthens Capital Structure by Negotiating Key Waiver with Note Holder [Yahoo! Finance]Yahoo! Finance
- Phoenix Motor Strengthens Capital Structure by Negotiating Key Waiver with Note HolderAccesswire
- Phoenix Motor Partners with Cennatic for Commercial EV Battery Solutions [Yahoo! Finance]Yahoo! Finance
- Phoenix Motor Partners with Cennatic for Commercial EV Battery Solutions Accesswire
- Phoenix Motor Expects to Report $14 Million to $16 Million Revenue in Q2 2024 [Yahoo! Finance]Yahoo! Finance
PEV
Sec Filings
- 4/26/24 - Form 8-K
- 4/18/24 - Form 8-K
- 4/18/24 - Form 8-K
- PEV's page on the SEC website