Xos Delivers 65 Vehicles to Merchants Fleet in Q3 2022
October 03 2022 - 7:00AM
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.
ContactsXos Investor
Relationsinvestors@xostrucks.com
Xos Media Relationspress@xostrucks.com
About Merchants FleetMerchants 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 FleetHavas
Formulamerchantsfleet@havasformula.com619-234-0345
Cautionary Statement Regarding
Forward-Looking StatementsThis 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.
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