8-K
PHOENIX MOTOR INC. (PEVM)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 26, 2025
PhoenixMotor Inc.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 001-41414 | 85-4319789 |
|---|---|---|
| (State<br> or other jurisdiction of<br><br> <br>incorporation) | (Commission<br><br> <br>File<br> Number) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
| 1500 Lakeview Loop<br><br> <br>Anaheim, CA | 92807 | |
| --- | --- | |
| (Address<br> of Principal Executive Offices) | (Zip<br> Code) |
Registrant’s telephone number, including area code: (909) 987-0815
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, par value $0.0004 per share | PEVM | OTCID |
| ☒ | Indicate<br> by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405<br> of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
| --- | --- | |
| ☐ | If<br> an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying<br> with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item1.01 Entry into a Material Definitive Agreement.
On June 26, 2025, Phoenix Motor Inc. (“Phoenix” or the “Company”) entered into a Cooperation Agreement (the “Cooperation Agreement”) with Shandong Maolin Sida Automobile Co., Ltd. (“Maolin Sida”), Mengzhou Enbowei Automobile Technology Co., Ltd. (“Enbowei”) and the individual shareholders of Enbowei.
Under the Cooperation Agreement, Phoenix will establish a wholly owned subsidiary in Mengzhou, People’s Republic of China (the “Project Company”), with registered capital of RMB 20 million, to be contributed in stages as operational needs arise.
Maolin Sida shall grant the Project Company an exclusive, PRC-wide license for a 10 year term to manufacture and sell certain electric vehicle (“EV”) platforms (currently identified as the LV and QV platforms). License fees will equal 0% of bill of materials (“BOM”) cost in the first two years, 50% of the stated rate of BOM in years 3-4, and 100% thereafter, with the stated rate of 3% of BOM cost per vehicle for up to 10,000 units, 2% of BOM cost per vehicle for 10,001–30,000 units and 1% of BOM cost per vehicle for over 30,000 units.
Enbowei agreed to make its existing manufacturing facilities, equipment and related infrastructure available to the Project Company free of charge for 10 years. The Project Company will be responsible for ongoing utilities and operating costs. The term may be extended by an additional five years upon mutual agreement.
All equipment, improvements and intellectual property rights created in connection with the Cooperation Agreement will belong to the Project Company.
Following more than five but fewer than ten years of continuous operation of the Project Company, Phoenix may acquire 51% of the equity of Enbowei for nominal consideration of RMB 1, subject to a separate definitive agreement.
The Cooperation Agreement automatically terminates if the Project Company does not commence operations within three months of its formation.
The foregoing summary of the Cooperation Agreement does not purport to be complete and is qualified in its entirety by reference to the actual agreement, a non-binding English translation of which is filed herewith as Exhibit 10.1.
Item9.01. Financial Statements and Exhibits.
| Exhibit No. | Description |
|---|---|
| 10.1 | Translation of Cooperation Agreement, dated June 26, 2025, by and among Phoenix Motor Inc., Shandong Maolin Sida Automobile Co., Ltd., Mengzhou Enbowei Automobile Technology Co., Ltd. and the individual shareholders of Enbowei |
| 10.1(a) | Original Cooperation Agreement (in Chinese) (for reference only) |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated:<br> June 30, 2025 | PHOENIX MOTOR INC. | |
|---|---|---|
| By: | /s/ Xiaofeng Denton Peng | |
| Name: | Xiaofeng<br> Denton Peng | |
| Title: | Chief<br> Executive Officer and Chairman of the Board |
Exhibit10.1
Translationof Cooperation Agreement
Thisis a translation of the original agreement executed in Chinese. In the event of any
discrepancy between this English translation andthe Chinese original, the Chinese version shall prevail.
Recitals:
| 1. | Mengzhou Enbowei Automobile Technology Co., Ltd. (“Enbowei”) owns the rights to use<br> facilities, equipment, and plants related to vehicle and battery pack production. It also<br> holds the filing for micro electric vehicle production and possesses complete vehicle manufacturing<br> qualifications. |
|---|---|
| 2. | Shandong Maolin Sida Automobile Co., Ltd. (“Maolin Sida”) owns intellectual property<br> rights for various vehicle models, engineering and technical documentation, and a complete<br> management and operation team for vehicle production. |
| --- | --- |
| 3. | Phoenix Motor Inc. (“Phoenix”), a well-known American electric vehicle developer<br> and a pioneer in global commercial EVs, intends to integrate Chinese technical and manufacturing<br> resources and rapidly form a fully integrated automotive company covering R&D, engineering,<br> production, sales, and after-sales via cash investment. Based on the resources of Enbowei<br> and Maolin Sida, Phoenix plans to establish a wholly-owned project company in Mengzhou, Henan,<br> which will engage in production, sales, R&D, financing, and other business activities. |
| --- | --- |
| 4. | GU LEI, Liu Shichao, and Li Xiaowen jointly hold 100% equity of Enbowei. After<br> Phoenix’s investment in Mengzhou, these shareholders (“Shareholders”) are<br> willing to transfer part of their equity in Enbowei. |
| --- | --- |
Pursuant to the PRC Civil Code and related regulations, the parties agree as follows:
ArticleI – Investment Structure
1.1 Phoenix will establish a new wholly-owned subsidiary in Mengzhou (“Project Company”) with a registered capital of RMB 20 million. The capital will be injected in stages as needed, subject to approval.
1.2 Maolin Sida will provide base vehicle models (LV, QV) and license the Project Company to manufacture and sell them domestically.
1.3 Enbowei shall ensure the Project Company can use its production facilities (plants, equipment, and infrastructure) free of charge. Operating costs will be borne by the Project Company.
ArticleII – Licensing Terms by Maolin Sida
2.1 After actual operations commence, Maolin Sida will license the use of LV, QV, and other base models to the Project Company for a term of ten years.
2.2 License fees shall be tiered from the third calendar year:
| ● | Up<br> to 10,000 units: 3% of BOM cost per vehicle. |
|---|---|
| ● | 10,001–30,000<br> units: 2% of BOM cost. |
| --- | --- |
| ● | Over<br> 30,000 units: 1% of BOM cost. |
| --- | --- |
2.3 No license fee is due in the first and second calendar years; only 50% due in the third and fourth years; full fees apply from the fifth year onward.
2.4 Fees are calculated and paid quarterly based on cumulative production.
ArticleIII – Use of Enbowei’s Facilities
3.1 Enbowei shall coordinate to allow the Project Company to use its production-related facilities free of charge for ten years. The Project Company shall bear related operational costs. Upon expiry, the term may be extended by five years upon negotiation.
3.2 Equipment or intellectual property developed or modified for production shall belong to the Project Company.
3.3 Enbowei promises to pass on any local government tax incentives it receives in Mengzhou to the Project Company in full.
ArticleIV – Share Transfer by Shareholders
4.1 If the Project Company has been in operation for over 5 years but less than 10 years, and if needed, Phoenix may acquire 51% of Enbowei’s equity from the Shareholders at a nominal price of RMB 1 (detailed terms to be agreed separately).
ArticleV – Management and Operations
5.1 The articles of association of the Project Company shall be drafted under Phoenix’s leadership with Maolin Sida’s participation.
5.2 A new operations team will be formed by Phoenix, Maolin Sida, and Enbowei. Management appointments will be made by the Project Company.
5.3 Up to 10 personnel from Maolin Sida will be employed by the Project Company.
5.4 Initially (prior to production of the first model), Maolin Sida’s personnel will lead preparations. Phoenix will assign someone to oversee financial control. Adjustments will be made as needed later.
5.5 The Project Company will agree on annual KPIs with shareholders and implement incentive plans executed by management.
ArticleVI – Confidentiality
6.1 Without written consent, no party may disclose any commercial secrets or information obtained during performance of the agreement, including the agreement itself, unless legally required.
6.2 This clause remains in effect regardless of whether the agreement is signed, amended, terminated, or dissolved, until the information no longer requires protection. The breaching party will be liable for all losses arising from breach of confidentiality.
ArticleVII – Termination
If the Project Company does not commence actual operations within three months of establishment, this agreement shall automatically terminate.
ArticleVIII – Dispute Resolution
This agreement shall be governed by the laws of the People’s Republic of China. Any disputes shall first be resolved through friendly consultation. If not resolved, the compliant party may bring a lawsuit in the People’s Court where the Project is located.
ArticleIX – Miscellaneous
9.1 Matters not covered shall be supplemented by additional agreements signed by all parties, which shall carry the same legal effect.
9.2 This agreement is effective upon signature or seal by authorized or legal representatives of all parties.
9.3 This agreement is made in six copies, with each party holding two.
PhoenixMotor Inc.
Address:
Legal Representative or authorized representative: Xiaofeng Peng
Date: June 26, 2025
ShandongMaolin Sida Automobile Co., Ltd.
Address:
Legal Representative or authorized representative: GU LEI
Date: June 26, 2025
MengzhouEnbowei Automobile Technology Co., Ltd.
Address:
Legal Representative or authorized representative: GU LEI
Date: June 26, 2025
Shareholders:GU LEI, Liu Shichao, Li Xiaowen
Address:
Legal Representative or authorized representative: GU LEI
Date: June 26, 2025
Exhibit10.1a
合作协议书
鉴于：
l、孟州市恩博威汽车科技有限公司（下文简称”恩博威”)拥有整车生产及电池包生产相关厂房、设备、设施的使用权益，同时具有微型电动车生产备案、整车生产资质等合作资源。
2、山东茂林斯达汽车有限公司（下文简称”茂林斯达”)拥有多款车型知识产权、工程技术资料、完整的整车生产管理运营团队等核心要素。
3、Phoenix Motor Inc.（美国凤凰汽车公司，下文简称”凤凰汽车”)，是美国知名的电动汽车开发商、全球商用电动汽车领域的先驱之一。凤凰汽车拟整合中国国内技术及生产资源，以现金投资方式快速形成具备整车研发、工程、技术、生产、销售及售后为一体的汽车公司。
4、结合恩博威、茂林斯达相关资源，凤凰汽车计划在河南孟州全资设立项目公司，作为主体进行整车生产、销售、研发、融资等经营活动。
5、GU LEI、刘士超、李小文共同持有孟州市恩博威汽车科技有限公司100％股权， 在凤凰汽车投资孟州后GU LEI 、刘士超、李小文 (GU LEI 、刘士超、李小文三人，下文合并简称”持有人”)意愿转让持有的恩博威部分股权。
依据中华人民共和国《民法典》等相关法律法规的规定，经各方协商同意，达成如下协议。
一、投资方式
1.1、由凤凰汽车在孟州新设子公司作为主体项目公司进行投资经营，项目公司注册资金为2000万，将根据实际经营需求，经审批后分期实缴到位（下文简称”项目公司”)。
1.2、茂林斯达提供基础车型(LV、QV)，授权许可项目公司在中国生产全球销售。
1.3、恩博威保障项目公司免费使用上述生产资源（工厂、设备、设施），相关运营开支由项目公司承担。
二、茂林斯达授权许可相关约定
2.1、项目公司实质运营后，茂林斯达授权许可项目公司使用LV、QV等基础车型，授权许可期限为十年。
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2.2、项目公司向茂林斯达支付授权许可费，各车型授权许可费按阶梯价格核算（本协议生效第三个自然年起）。即：
（1）总产量在1万台以内（含1万台），许可费为单台车BOM成本X3%X台数；
（2）总产量在1万—3万台（含 3万台），许可费为单台车BOM成本X2%X台数；
（3）总产量在3万台以上，许可费为单台车BOM成本X1%X台数。
2.3、本协议生效第一、第二年内（自然年）无需支付授权许可费，第三、第四年（自然年）减半支付授权许可费，第五年（自然年）全额支付授权许可费。
2.4,项目公司支付的授权许可费按季度结算，生产台数累积计算。
三、恩博威生产资源使用相关约定
3.1、恩博威拥有整车生产及电池包生产相关厂房、设备、设施的使用权益，并协调项目公司免费使用，期限为十年。由项目公司承担生产经营相关费用。使用期满后，可协商展期五年。
3.2、因生产经营而自主购买／安装的设备设施及车型改造所形成的知识产权归属项目公司。
3.3、项目公司运营期间，恩博威承诺将恩博威及其子公司享受的全部孟州地方财政年度税收政策奖励，全额让渡予项目公司。
四、持有人股权转让相关约定
项目公司持续运营五年以上十年以内，若项目公司需要，有权以一元人民币的对价，收购恩博威现有股东（持有人）所持有的恩博威公司51％的股权（具体转让细则双方另行商定）。
五、项目公司管理层及运营
5.1、项目公司的章程制定，由凤凰汽车主导茂林斯达参与。
5.2、项目公司成立后，凤凰汽车、茂林斯达、恩博威三方即组建新的运营团队，由项目公司统一任命管理层。
5.3、茂林斯达团队人员入职项目公司，人员不超过10人。
5.4、项目公司组建初期（第一款车型位产前），由茂林斯达入职到项目公司的团队人员负责技术、生产启动等准备工作，凤凰汽车指派专人负责财务管控。后期根据经营需求，项目公司适时调整。
5.5、 项目公司与股东商定年度KPl指标，出具实施细则方案（激励方案），由管理层执行。
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六、保密条款
6.1、未经对方书面同意，任何一方均不得向其他单位或个人泄露在协议履行过程中知悉的商业秘密或相关信息，也不得将本协议内容及相关档案材料泄露给其他单位或个人，但法律、法规规定必须披霞的除外。
6.2、保密条款为独立条款，不论协议是否签署、变更、解除或终止等，本条款均有效，直至有关事项的公布不会给对方造成任何损失、不具有保密价值时为止。因违反保密义务给对方造成的一切损失违约方应承担相应赔偿责任。
七、终止条款
项目公司成立后三个月内，如项目公司未实质运营，本协议自动终止。
八、争议的解决
本协议受中国法律管辖。因履行本协议所发生的争议，各方应友好协商解决；协商解决不能的，守约方可向项目所在地人民法院提起诉讼。
九、其他
9.1、本协议未尽事宜，由各方协商签订补充协议，补充协议经各方签字盖章后与本协议具有同等法律效力。
9.2、本协议自双方授权代表或法定代表人签署或盖章后生效。
9.3、本协议一式陆份，三方各持贰份。
（以下无正文，为《合作协议书》之签署项）
甲方：PhoenixMotor Inc.
通讯地址：
法定代表人或授权人：Xiaofeng Peng
签订日期：6.26.2025
乙方：山东茂林斯达汽车有限公司
通讯地址：
法定代表人或授权人：GU LEI
签订日期：6.26.2025
丙方：孟州市恩博威汽车科技有限公司
通讯地址：
法定代表人或授权人：GU LEI
签订日期：6.26.2025
持有人：GULEI，刘士超，李小文
通讯地址：
法定代表人或授权人：GU LEI
签订日期：6.26.2025
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