05:01 AM EST, 02/06/2025 (MT Newswires) -- (Updates with latest stock move in last paragraph.)

Phoenix Motor ( PEV ) said Thursday it has launched an initiative to design and develop a fleet of autonomous electric vehicles for the food and beverage delivery industry as part of a partnership with a California food delivery firm.

Financial terms were not disclosed.

The first phase of the project includes the production and deployment of 10 autonomous delivery vehicles as part of a pilot program, with possible future expansion, the company said.

The delivery vehicles will use self-driving capabilities to optimize route efficiency and reduce costs, the company said.

Phoenix Motor ( PEV ) said it will build the vehicles, while its partner will provide food and beverage delivery market specifications.

Shares of the company were up 8% in Thursday's premarket activity.

Price: 0.26, Change: +0.019, Percent Change: +8.02