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 signed a dealership agreement with Foley Equipment
Company (“Foley”), a leading equipment dealer in the Midwest. Foley
will sell Xos’ flagship Class 5 and 6 stepvan, medium-duty Class 6
and 7 chassis cab MDXT™, and heavy-duty Class 8 electric trailer
HDXT™, as well as provide service across Western Kansas.
“We’re thrilled to further expand our footprint in the Midwest
with this dealership agreement with the industry-leading Foley
team,” said Jessica Savage, Head of Distribution at Xos.
Foley is a truck sales and services dealership with 15 locations
across the Midwest. The company offers a broad line of Caterpillar
and Allied Construction equipment and power generation, as well as
SITECH construction technology solutions.
“We at Foley are dedicated to providing our customers with the
best available trucks, service, and trucking technology on the
market today,” noted Foley President and CEO Ann Konecny. “The
energy transition allows us to leverage our expertise in power
generation with our long history in the truck market. As one of the
leaders in electric trucks, Xos was a natural partner for us.”
With Foley, the Xos dealership network now comprises five
dealers across North America and over 50 dealership locations.
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 FoleyFoley Industries – Foley Equipment,
Foley Power Solutions, Foley Rental and SITECH Central – is in its
ninth decade of empowering progress for Kansas and Western Missouri
customers. Foley’s 1,200+ employees strive every day to safely
deliver excellence in service, parts, rental, and sales across a
broad line of Caterpillar and Allied Construction equipment and
power generation, SITECH construction technology solutions, and
multiple lines of zero-emission commercial trucks. For more
information, please visit www.FoleyRIG360.com.
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’s expected product deliveries and
partnerships. These forward-looking statements may be identified by
the words “believe,” “plan,” “project,” “potential,” “seem,”
“seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,”
“future,” “target,” “opportunity,” “plan,” “may,” “could,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions and any other statements that
predict or indicate future events or trends or that are not
statements of historical matters, although not all forward-looking
statements contain such identifying words. 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) Xos’ limited
operating history, (iii) cost increases and delays in production
due to supply chain shortages in the components needed for the
production of Xos’ vehicle chassis and battery system, (iv) Xos’
ability to meet production milestones and fulfill backlog orders,
(v) changes in the industries in which Xos operates, (vi)
variations in operating performance across competitors, (vii)
changes in laws and regulations affecting Xos’ business, (viii)
Xos’ ability to implement its business plan or meet or exceed its
financial projections, (ix) Xos’ ability to retain key personnel
and hire additional personnel, particularly in light of current and
potential labor shortages, (x) the risk of downturns and a changing
regulatory landscape in the highly competitive electric vehicle
industry, (xi) Xos’ ability to service its indebtedness, and (xii)
the outcome of any legal proceedings that may be instituted against
Xos. All forward-looking statements included in this press release
are expressly qualified in their entirety by, and 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,
including Xos’ Quarterly Report on Form 10-Q for the quarter ended
September 30, 2022 filed with the SEC on November 10, 2022, 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/50f30b07-2c0e-45f0-9516-ee6a724cb4aa
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ceebc41-b6dd-4c05-af16-c62b8c52f244
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