Penske Truck Leasing Adds Xos Stepvan to its Electric Fleet Offering
October 26 2023 - 8:32AM
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and
fleet electrification services provider, today announced Penske
Truck Leasing has added Xos 100% battery-electric trucks to its
fleet. Penske will deploy the trucks with multiple customers in
various industries.
"We are very pleased to build on our growing
portfolio of all-electric vehicles with the addition of the Xos
Stepvan," said Paul Rosa, Senior Vice President of Procurement and
Fleet Planning for Penske Truck Leasing.
The vehicles that Penske has added are the Xos
Stepvan ("Stepvan"), a 100% battery-electric Class 6 vehicle
purpose-built for commercial applications. The Stepvan can travel
up to 150 miles on a single charge, features a GVWR of up to 23,000
pounds, and comes in available body sizes of 16’ or 18’. Depending
on charger specifications, the vehicle charge time with DC fast
charging ranges from 110 to 120 minutes. Additional specifications
include a 178-inch wheelbase, 347 kW maximum horsepower, and max
torque of 1,737 ft-lbs.
"We’re proud to partner with Penske on their
journey to a fully-electric fleet operation," said Dakota Semler,
Chief Executive Officer at Xos. "Penske and Xos share similar core
values around our commitment to customers and a dedication to
excellence, so our partnership is a natural fit. We look forward to
building our relationship for years to come."
About Xos, Inc.Xos is a leading
technology company, electric truck manufacturer, and fleet services
provider for battery-electric fleets. 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.
The company leverages its proprietary technologies to provide
commercial fleets with battery-electric 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, visit www.xostrucks.com.
ContactsXos Investor
Relationsinvestors@xostrucks.com
Xos Media Relationspress@xostrucks.com
About Penske Truck LeasingPenske
Truck Leasing is a Penske Transportation Solutions company
headquartered in Reading, Pennsylvania. A leading provider of
innovative transportation solutions, Penske operates and maintains
more than 440,000 vehicles and serves its customers from more than
940 maintenance facilities and more than 2,600 rental locations
across North America. Solutions from Penske include full-service
truck leasing, fleet maintenance, truck rentals, used trucks, and a
comprehensive array of technologies to keep the world moving
forward. Visit PenskeTruckLeasing.com to learn more.
Cautionary Statement Regarding
Forward-Looking Statements
This press release includes "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 expectations and timing related to product
deployment and customer demand. 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, (xii)
macroeconomic and political conditions, and (xiii) 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, 2022 filed with the Securities and Exchange Commission
(the "SEC") on March 31, 2023 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.
A photo accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9bac1b76-9301-4950-ba1a-8013c8d2dbae
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