Management Change/Compensation (Form 8-K)

Phoenix Motor Inc. (the "Company") has appointed Tony Shen as the Company's Chief Financial Officer, effective as of September 2, 2025.

Tony Shen, age 58, brings more than 15 years of experience as CFO of U.S.-listed and pre-IPO companies, with a proven track record in building shareholder value, fundraising, and navigating complex global financial markets. From 2016 to 2019, Mr. Shen served as CFO of HC Financial Group, where he managed finance and operations across 10+ companies and led strategic acquisitions in the insurance and lending sectors. He previously held CFO roles at DHGate, a leading cross-border e-commerce platform, from 2014 to 2015; and at Ku6 Media, a Nasdaq-listed video platform, from 2010 to 2013. Mr. Shen also served as CFO of China BAK Battery and eLong Inc., both U.S.-listed companies, where he delivered operating improvements, raised strategic capital, and achieved first-time profitability milestones. Earlier in his career, Mr. Shen held senior finance positions at Solectron (later Flextronics), Digital Equipment Corp., and Siemens AG China. Mr. Shen holds an MBA in Finance from Columbia Business School and a BE in Electrical Engineering from Tsinghua University.