On June 6, 2023, the Board of Directors of Phoenix Motor Inc. appointed its Chairman, Xiaofeng Peng to replace Dr. Lance Zhou as the Company's Chief Executive Officer effective immediately. Mr. Peng will continue to serve as Chairman of the Board of Directors in addition to his CEO duties. The Board of Directors would like to thank Dr. Zhou for his leadership of the Company and wishes him continued success in his future endeavors.

Mr. Xiaofeng Denton Peng has served as the Company's Chairman of the Board of Directors since December 2020. Mr. Peng has served as a director and the executive chairman of the board of directors of SPI Energy Co. Ltd., since January 10, 2011 and as the chief executive officer of SPI Energy Co.

Ltd. since March 25, 2016. Mr. Peng founded LDK Solar Co. Ltd., or LDK, in July 2005 and is LDK's chairman of the board and chief executive officer.

Prior to founding LDK, Mr. Peng founded Suzhou Liouxin Co. Ltd., or Suzhou Liouxin, in March 1997 and was its chief executive officer until February 2006. Suzhou Liouxin is a leading manufacturer of personal protective equipment in Asia.

Mr. Peng graduated from Jiangxi Foreign Trade School with a diploma in international business in 1993 and from Beijing University Guanghua School of Management with an executive MBA degree in 2002.