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Phoenix Motor Inc. (NASDAQ:PEV) shares are trading higher premarket on Thursday. On Wednesday, the company launched a new initiative to develop autonomous robots for package pickup and last-mile delivery.
This expansion builds on its recently introduced autonomous food and beverage delivery vehicle program.
Phoenix Motor is incorporating its cutting-edge autonomous technology into compact, self-navigating delivery robots.
These robots form a seamless automated logistics ecosystem when paired with its autonomous delivery vehicles. The initiative will launch with a pilot program to optimize e-commerce and local package deliveries.
Phoenix Motor's autonomous robots will incorporate AI-driven navigation, obstacle detection and secure storage for safe and efficient goods transport. Designed for both B2C and B2B applications, they will enable on-demand, contactless deliveries across industries like retail, logistics, and healthcare.
With this expansion of its autonomous technology portfolio, Phoenix Motor strengthens its leadership in sustainable, intelligent transportation, reaffirming its commitment to pioneering electric and autonomous mobility solutions.
“The evolution of last-mile delivery requires a multi-faceted approach, and Phoenix Motor is proud to expand its autonomous solutions with the introduction of package pickup and delivery robots,” said Denton Peng, CEO of Phoenix Motor.
“By leveraging our expertise in electric and autonomous mobility, we aim to provide businesses with cost-effective and sustainable solutions to meet the rising demand for seamless delivery services.”
This week, the company disclosed that it secured a $6 million loan financing agreement with J.J. Astor & Co to support expansion initiatives, including higher operations and production to fulfill pending orders for electric transit buses.
Price Action: PEV shares are down 2.61% at $0.6580 premarket at last check Thursday.
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Posted In: PEV
