Xos Delivers 65 Vehicles to Merchants Fleet in Q3 2022

Xos, Inc.
Xos, Inc.

Stepvans deployed to two California-based cities for the returning customer

LOS ANGELES, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading technology company that provides fleet services, software solutions, and manufactures Class 5 through Class 8 battery-electric commercial vehicles, today announced it has delivered 65 of its 100% battery-electric stepvan to return customer Merchants Fleet. The vehicles have been split between Antioch in Northern California and Alhambra in Southern California. This brings the total number of Xos stepvans delivered to Merchants Fleet to 123.

“Merchants Fleet has continued to push the envelope in fleet electrification and serves as a role model for the industry,” said Jessica Savage, Head of Distribution at Xos. “We’ve enjoyed partnering with them over the past several years to electrify their fleet and help them achieve their sustainability goals.”

In 2021, Merchants committed $2.5 billion to electric vehicles (EVs), and client EV fleets drove over 5.2 million miles, thereby preventing an estimated 1,400 metric tons of CO2 emissions. Looking ahead, Merchants plans to electrify 50% of its mobility portfolio by 2025 and electrify 50% of its fleet portfolio by 2030.

“We are excited to continue our partnership with Xos as we move closer to achieving our electrification and sustainability goals,” said Hari Nayar, Vice President of Fleet Electrification and Sustainability at Merchants Fleet.

About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles and the tools to adopt them. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes of up to 270 miles or less per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit www.xostrucks.com.

Contacts
Xos Investor Relations
investors@xostrucks.com

Xos Media Relations
press@xostrucks.com

About Merchants Fleet
Merchants Fleet is North America's fastest growing fleet management company, enabling the movement of people, goods and services freely and responsibly. From flexible funding, fleet acquisition and fleet management to vehicle remarketing, fleet consulting, fleet electrification, and the power of cloud-based fleet management platform TotalView®, Merchants serves as a single source for all fleet and mobility needs across more than 20 unique industries. Merchants is headquartered in New England, has its Innovation Center in the Chicago area, and serves fleet clients of all sizes throughout North America. Learn more at www.MerchantsFleet.com.

Contacts for Merchants Fleet
Havas Formula
merchantsfleet@havasformula.com
619-234-0345

Cautionary Statement Regarding Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding Xos, Inc.’s (“Xos”) expected product deliveries. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) cost increases and supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iii) changes in the industries in which Xos operates, (iv) changes in laws and regulations affecting Xos’ business, (v) Xos’ ability to retain key personnel and hire additional personnel, (vi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (vii) the outcome of any legal proceedings that may be instituted against Xos. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022 and Xos’ other filings with the SEC copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.