Welcome to our dedicated page for Xos news (Ticker: XOS), a resource for investors and traders seeking the latest updates and insights on Xos stock.
Xos, Inc. (NASDAQ: XOS) is a pioneering electric mobility company based in Los Angeles, specializing in the design and development of fully electric battery mobility systems for commercial fleets. With a strategic focus on medium- and heavy-duty commercial vehicles, Xos offers innovative solutions particularly suited for last-mile delivery routes.
Founded with the mission to provide sustainable and cost-effective transportation, Xos leverages proprietary technologies to deliver zero-emission vehicles that are not only easier to maintain but also more cost-efficient over their total life cycle when compared to traditional internal combustion engines and other commercial EV options. The company's vehicles and fleet management software are tailored to meet the unique needs of back-to-base routes, ensuring efficiency and reliability.
Recent achievements highlight Xos' significant progress in the industry. The company reported a 22% year-over-year increase in full-year revenue, with strong positive gross margins in the third and fourth quarters of 2023. In a move that strengthens its financial position, Xos has entered a definitive agreement to acquire ElectraMeccanica, which is expected to bolster its balance sheet.
During 2023, Xos set delivery records in consecutive quarters, thanks to robust demand for its electric vehicles (EVs). The company also launched a gross margin-positive stepvan and significantly reduced operating expenses. These milestones position Xos to capitalize on future growth opportunities with an optimistic outlook for 2024, forecasting a revenue growth of approximately 88% year-over-year at the midpoint of their guidance range.
Xos is committed to advancing the electric vehicle industry, navigating challenges such as supply chain shortages and regulatory changes. Despite facing cost increases and delays in component production, the company remains focused on meeting production milestones and fulfilling backlog orders. Xos continues to innovate and expand its offerings, aiming to enhance the sustainability and efficiency of commercial transportation.
For more information, visit the Xos website, or contact Xos Investor Relations at investors@xostrucks.com, and Xos Media Relations at press@xostrucks.com.
Xos at Manifest Conference 2022
On January 26, 2022, Giordano Sordoni, COO and Co-Founder of Xos, will speak at the Manifest logistics conference in Las Vegas. He will join other industry leaders to discuss commercial fleet electrification, addressing challenges, investments in charging infrastructure, and sharing success stories. Xos will also showcase its X-Platform chassis and Lyra Series™ battery at the event, emphasizing its commitment to zero-emission commercial vehicles designed for efficiency on short routes.
Xos, Inc. (NASDAQ: XOS) has appointed Mike Chaffins as the new Vice President of Supply Chain. With over 30 years of experience in the automotive industry, Chaffins will oversee the procurement and logistics strategies for the company's electric vehicle production. His previous roles include leadership positions at Nikola, Toyota, and Mercedes-Benz, enhancing Xos's capabilities in supply chain management. This leadership change aims to align with Xos's goals in manufacturing zero-emission vehicles.
Xos, Inc. (NASDAQ: XOS) has appointed Scott Zion as the Director of Medium Duty Vehicles, responsible for the strategy and execution of Class 6 and 7 electric vehicles. Zion brings extensive experience from Hino Motors and Navistar, where he contributed to vehicle electrification. CEO Dakota Semler expressed enthusiasm about Zion's appointment, citing his impressive automotive background. Xos focuses on manufacturing electric commercial vehicles and aims to provide zero-emission solutions that are cost-efficient compared to traditional combustion engines.
Xos, Inc. (NASDAQ: XOS) has announced the appointment of Anousheh Ansari and Alice K. Jackson as independent directors to its board, effective December 17, 2021. Ms. Ansari will serve as a Class III director, with re-election slated for 2024, while Ms. Jackson will be a Class II director, up for re-election in 2023. Both bring extensive experience in technology and energy sectors. Their addition is aimed at enhancing governance and supporting Xos' mission to decarbonize commercial transportation.
Southern Glazer’s Wine & Spirits has signed a purchase order with Xos, Inc. for 10 electric Class 7 refrigerated beverage trucks, marking a significant step in its commitment to sustainability. The trucks will be deployed in the second half of 2022 from the Dallas/Ft. Worth distribution center. This initiative follows a successful pilot program in Arizona, earning Southern Glazer’s a sustainability award. The partnership aims to reduce environmental impact and increase efficiency within the beverage distribution sector.
Xos, Inc. (NASDAQ: XOS) has partnered with Merchants Fleet to supply electric step vans, advancing Merchants’ goal of 50% fleet electrification by 2025. The partnership is part of Merchants' $2B commitment to electrifying their fleet, which includes plans to purchase over 40,000 electric vehicles. The first 10 Xos electric step vans are set for delivery in 2022, facilitating last mile deliveries across North America. This collaboration not only underscores the shift towards electric mobility but also highlights Xos' role in meeting market demand for sustainable logistics solutions.
Xos, Inc. (NASDAQ: XOS) announces a significant partnership with Merchants Fleet, aiming to electrify their fleet. Merchants plans to purchase over 40,000 electric vehicles, moving towards 50% electrification of its mobility fleet by 2025 and its managed fleet by 2030. The first 10 Xos electric step vans are set for delivery in 2022, enhancing options for last-mile delivery clients. Merchants has committed over $2 billion towards fleet electrification and is keen on providing sustainable logistics solutions.
Xos, Inc. (NASDAQ: XOS) has partnered with Yancey Bros. Co., the oldest Caterpillar dealer in the U.S., to distribute its fully electric commercial vehicles in Georgia. This collaboration will utilize Yancey’s 29 facilities in the state to promote electric vehicle adoption, aligning with new transportation emission standards. Xos focuses on providing zero-emission vehicles aimed at decarbonizing commercial fleets, particularly for routes under 200 miles. This partnership is a strategic move to enhance Xos's market presence in the Southeast.
Xos, Inc. (NASDAQ: XOS) has received a significant order for 40 electric vehicles from Route Consultant, establishing Route Consultant as one of the largest EV owners among FedEx Ground contractors. The vehicles, scheduled for delivery in 2022, will be deployed in Springfield, St. Louis, and Terre Haute. This multi-million dollar investment highlights Route Consultant's commitment to zero-emission technology, facilitated by Xos’ infrastructure services. Both companies aim to enhance the adoption of electric vehicles within the FedEx network, marking a pivotal step in sustainable logistics.
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