On Monday, Phoenix Motors, the Ontario, California-headquartered electric vehicle manufacturer, had filed for a public market floatation with US SEC (Securities and Exchange Commission), becoming the latest in a string of e-vehicle manufacturers that had been looking to cash in on a thriving investors’ appetite for environmental-friendly autos.
Apart from a notable increase in interest among US investors for eco-friendly automobiles, the Californian heavy electric vehicle manufacturer’s latest move to file for a US IPO (Initial Public Offerings) came against the backdrop of a US IPO market which has been hovering at its strongest in more than half a decade following a dour 2020, while investors appetite for tech stocks continued to spur up amid a broad-based gyration from value stocks to growth stocks ahead of a US Federal Reserve move to taper fiscal support for the economy.
Nevertheless, according to Phoenix Motors’ IPO filing with US SEC, the Ontario-based company had disclosed a decline in revenues alongside a widening of losses over first nine months of fiscal 2021 through September.
Phoenix Motors, in tandem, usually manufactures heavy electric vehicles as beforementioned such as electric buses and trucks.
Phoenix Motors file for US IPO
Besides, founded back in the 2003s, Phoenix Motors had developed and manufactured electric buses for trucks for a number of Governments’ fleets alongside commercial clients.
Nonetheless, Phoenix Motors’ production lines operate under the brand name, Phoenix Motorcars, and Phoenix Motorcars had delivered 84 e-buses alongside 14 e-trucks as of September 30 across the globe, Phoenix Motors’ IPO filings had unveiled.
Concomitantly, latest move from Phoenix Motors, which was taken over by SPI Energy in November 2020, to go public, came forth as EV makers turned to a lucrative target for investors this year. Earlier this month, EV maker Rivian had coffered up a market valuation of over $100 billion following the world’s largest-ever IPO, while luxury e-vehicle maker Lucid Motors also went for a public market floatation in US capital market following a $24 billion mega-merger with an SPAC (Special Purpose Acquisition Company).