Phoenix Motor Inc. announced a strategic partnership with Cennatic Power ("Cennatic"), a wholly owned subsidiary of Cenntro Inc. (CENN), to supply advanced battery packs custom-manufactured for Phoenix Motor's range of commercial electric vehicles (EVs). Under the terms of the agreement, Cennatic will develop and produce battery packs specifically designed for Phoenix Motor's heavy-duty transit buses, as well as its medium- and light-duty commercial EVs. The heavy-duty transit bus and medium- and light-duty commercial EV markets are projected to grow from $70.9 billion in 2024 to more than $255 billion by 2030, according to data from Research and Markets.