Atlis Motor Vehicles Inc. (NASDAQ: AMV)

Atlis Motor Vehicles Inc. (NASDAQ: AMV) is a vertically integrated work-focused electric vehicle (EV) technology ecosystem and battery company developing an electric work truck and the batteries to power it. The company is building an electric vehicle technology platform for heavy and light duty work trucks used in the agriculture, service, utility and construction industries. To meet the towing and payload capabilities of legacy diesel-powered vehicles, Atlis is developing proprietary battery technology and a modular system architecture capable of scaling to meet the specific needs of the all-electric vehicle.

Headquartered in Mesa, Arizona, Atlis is among the few companies that has executed an initial public listing through a Regulation A financing. Atlis raised more than $35 million through Reg A and Reg CF crowdfunding offerings.

Of the EV companies in the United States, only Atlis develops its own batteries and offers that technology to other companies. The company’s primary vehicle model, the XT, is built upon an electric vehicle technology platform, the XP Platform, designed for heavy and light duty work trucks. It is designed to meet the towing and payload capabilities of legacy diesel-powered vehicles. The XP Platform utilizes a unique “skateboard” approach on which the different types of work vehicles can be custom built to the specifications of the specific customer. In addition, the recently passed Inflation Reduction Act provides tax incentives for companies that use U.S.-built battery packs, which Atlis strives to produce.

Atlis shares began trading on the Nasdaq exchange under ticker symbol ‘AMV’ in September 2022. The company now looks forward to executing on an ambitious business plan to achieve revenue and profitability in an emerging and rapidly growing market. Atlis foresees significant opportunities to differentiate itself from EV competitors, as well as the potential to create and increase shareholder value.


  • XT Work Truck Series – The XT Work Truck is an EV pickup designed and built to sustain the world of work. The XT has an up to 500-mile range on a full charge, and is available in 300-, 400-, and 500-mile models. The XT features 15-minute charging and up to 250 kWh using the 1.5MW AMV Advanced Charging (AAC) system. The truck has a 35,000-pound towing capacity and payload up to 20,000 pounds GVWR. It’s compatible with gooseneck or fifth-wheel tow configurations.
  • XP Modular EV Platform – The XP Platform is a plug-and-play solution for EV builders and upfitters. As a standalone product and the base of the XT Work Truck, the XP is a medium to heavy duty electric vehicle platform built to support a wide range of configurations, including light to medium duty trucks, delivery vehicles, food trucks, RVs and buses, as well as all-terrain, special ops and first response vehicles. It’s a multipurpose electric platform built to sustain work in all environments. The XP Platform makes the company’s core technology available to aftermarket vehicle partners.
  • Battery and Charging Solutions – Whether it’s battery cells, battery packs, ultra-fast charging, or residential and commercial energy storage, Atlis has a solution. AMV Cube Cell battery technology is fast, affordable and consistent regardless of conditions, enabling zero-to-100-percent charging in 15 minutes or less. These cells are designed to meet the rigorous demands of automotive, industrial, aeronautical, or other uses. AMV Scalable Battery Packs are designed to support even the most extreme use cases, withstanding 2,000 rapid charge cycles. The 1.5-Megawatt charging stations that power AMV Advanced Charging are the most powerful charging stations made. This is technology built to meet the demands of heavy-duty vehicles, providing solutions that emulate the experience of pulling into a gas station, filling up, and going on with your day.

Market Overview

According to a report by Allied Market Research, the global electric truck market was valued at $392.3 million in 2020 and is projected to reach more than $3.86 billion by 2030, representing a CAGR of 26.4% for the period.

The segment suffered losses early during the COVID-19 pandemic due to factory shutdowns. However, as restrictions eased, the electric truck segment rebounded quickly and, in most cases, compensated for losses suffered early in the pandemic, the report said.

Electric trucks have lower maintenance costs than their diesel-powered counterparts and offer significantly reduced noise pollution, in addition to reduced emissions. Increased government incentives for EVs and further emission restrictions on fossil-fuel vehicles are expected to drive market growth.

Management Team

Mark Hanchett is Founder and CEO of Atlis Motor Vehicles. Prior to founding the company, he was Senior Mechanical Engineer and Director at Axon, a global leader in connected public safety technologies, where he led cross-functional technical and business teams in developing hardware, firmware and software product lines for law enforcement. He received a BSE in Mechanical Engineering from Arizona State University.

Annie Pratt is President of Atlis Motor Vehicles. She previously served as the company’s chief of staff. Before joining Atlis, she held positions at Axon, including Director of Consumer Products. She holds a bachelor’s degree in Product Design Engineering from Stanford.

Apoorv Dwivedi is CFO at Atlis. Before joining the company, he was Director of Finance at Cox Automotive. He also held positions as Director, Presales at Workiva and Senior Finance Manager at General Electric. He received a bachelor’s degree in Finance and Accounting from Loyola University Chicago and an MBA from the Yale School of Management.

Liwen Ji is Senior Director of Battery Cell Engineering at Atlis. Prior to Atlis, he worked at EoCell Inc. as Director of Battery Materials Technology, and at Enevate Corp. as Principal Scientist. He holds a B.S. in Materials Physics & Chemistry from Lanzhou University in China, an M.S. in Polymer Chemistry & Physics from China’s Zhejiang University, and a Ph.D. in Fiber & Polymer Science/Lithium-Ion Batteries and Fuel Cells from North Carolina State University.

Investment Considerations
  • Atlis completed its IPO via a Regulation A financing in August 2022.
  • The company began trading on the Nasdaq under symbol ‘AMV’ on September 27, 2022.
  • Atlis in June 2022 announced an MOU to provide battery packs for UK-based INDe EV, a developer of commercial vans.
  • Also in June 2022, Atlis announced an MOU to supply its XP Platform to Australian EV developer Advent Atum.
  • The company raised over $7 million in three rounds of crowdfunding from more than 7,000 investors.
Additional Resources

Company News & Data

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