Phoenix Motor enters cooperation to set up China subsidiary with licensed EV platforms

PHOENIX MOTOR INC.

Wholly-owned Project Company in Mengzhou, China; registered capital RMB 20M, contributed in stages.
Maolin Sida grants exclusive 10-year PRC license for EV platforms (LV, QV); license fees tiered from 0% to 3%/2%/1% of BOM.
Enbowei provides manufacturing facilities free of charge for 10 years; Project Company pays operating costs.
Phoenix may acquire 51% of Enbowei for RMB 1 after 5-10 years of continuous Project Company operation.
Agreement auto-terminates if operations do not start within three months of formation.

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