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Xos, Inc. - XOS STOCK NEWS

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.

News

Xos and ElectraMeccanica Announce Proposed Combination to Accelerate Xos’ Leadership Position in Manufacturing Commercial Electric Vehicles for Major U.S. Fleet Customers

Rhea-AI Summary
Xos, Inc. (NASDAQ: XOS) and ElectraMeccanica (NASDAQ: SOLO) have entered into a definitive arrangement agreement for Xos to acquire all of the issued and outstanding common shares of ElectraMeccanica in an all-stock transaction. The proposed transaction is expected to strengthen Xos' balance sheet and provide growth capital to further expand Xos' gross margin positive vehicle business. Xos delivered a record 110 units to fleet customers in the fourth quarter of 2023, including FedEx Ground, UPS, and Loomis, achieving 90% year-over-year growth. The prospective combined company is expected to benefit from favorable regulatory tailwinds, including California’s mandate requiring Xos customers to buy thousands of new electric vehicles by 2025.
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Xos Announces 1-for-30 Reverse Stock Split

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Xos, Inc. (Nasdaq: XOS) announces a 1-for-30 reverse stock split of its issued and outstanding shares of common stock, effective December 6, 2023. The split is to increase the per share trading price and maintain listing on Nasdaq.
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Xos, Inc. Reports Third Quarter 2023 Results

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Xos, Inc. (NASDAQ:XOS) reported a record-breaking quarter with 105 units delivered, a 176% increase from the previous quarter, achieving an average positive GAAP gross margin of over $18,000 per unit. Revenues reached $16.7 million, representing a significant increase from the previous quarter.
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Penske Truck Leasing Adds Xos Stepvan to its Electric Fleet Offering

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Xos, Inc. has announced that Penske Truck Leasing will add Xos 100% battery-electric trucks to its fleet. The trucks will be deployed with multiple customers in various industries. The Xos Stepvan, a 100% battery-electric Class 6 vehicle, can travel up to 150 miles on a single charge and has a GVWR of up to 23,000 pounds. The vehicle charge time with DC fast charging ranges from 110 to 120 minutes.
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Xos, Inc. Announces Third Quarter 2023 Earnings Release Date and Conference Call

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Xos, Inc. (NASDAQ: XOS) will release its Q3 2023 operating results on November 9, 2023. The company is a leading electric truck manufacturer and fleet services provider. A conference call to discuss the financial results will be held on the same day.
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Xos Achieves Largest Quarter with Profitable Deliveries to National Fleet Customers

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Xos delivers 105 units in Q3 and achieves positive gross margin
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Xos Stepvans Eligible for Thousands in State and Federal Incentives

Rhea-AI Summary
Xos, Inc. announces eligibility for government incentives for their 2023 Xos SV, providing up to $40,000 tax credit for deliveries of all Xos Stepvans until 2032. Customers can also save up to $85,000 through the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
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Xos Customers in Canada Can Save $100,000 CAD with iMHZEV Incentive

Rhea-AI Summary
Xos, Inc.'s stepvans are now eligible for the Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program (iMHZEV) from the Government of Canada, providing a significant milestone in advancing the adoption of electric vehicles in Canada. Canadian businesses purchasing a model year 2022 or 2023 Xos SV class 6 battery-electric stepvan are eligible for an impressive incentive of up to $100,000 CAD, promoting sustainability and environmental responsibility in the commercial vehicle sector.
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Xos Grows Fleet Deliveries

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Xos delivers 100% battery-electric stepvans to parcel and delivery service providers in Tennessee and California, supported by collaboration with Thompson Truck Centers. Vehicles will be delivered to Richmond, California and a newly opened facility with 100 new electric vehicle chargers. Xos VP of Sales, Jose Castañeda, states customers are interested in electrifying their fleets for lower total cost of ownership.
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Xos Awarded Contract by State of California to Provide Electric Stepvans to State & Local Agencies

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Xos contracted with the State of California, offering sustainable electric stepvans for CA state and local agencies.
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FAQ

What is the current stock price of Xos (XOS)?

The current stock price of Xos (XOS) is $4.505 as of November 1, 2024.

What is the market cap of Xos (XOS)?

The market cap of Xos (XOS) is approximately 35.0M.

What does Xos, Inc. specialize in?

Xos, Inc. specializes in designing and developing fully electric battery mobility systems for medium- and heavy-duty commercial vehicles.

Where is Xos, Inc. located?

Xos, Inc. is based in Los Angeles, California.

What was Xos' revenue growth in 2023?

Xos reported a 22% year-over-year increase in full-year revenue for 2023.

What recent acquisition has Xos made?

Xos has entered into a definitive agreement to acquire ElectraMeccanica to strengthen its balance sheet.

What types of vehicles does Xos focus on?

Xos focuses on medium- and heavy-duty commercial vehicles that operate on last-mile, back-to-base routes.

How do Xos vehicles compare to traditional internal combustion engines?

Xos vehicles are easier to maintain and more cost-efficient on a total cost of ownership basis than traditional internal combustion engines.

What are Xos' goals for 2024?

Xos aims to deliver strong revenue growth of approximately 88% year-over-year at the midpoint of their guidance range.

How can I contact Xos Investor Relations?

You can contact Xos Investor Relations by email at investors@xostrucks.com.

What are some of Xos' recent achievements?

Xos achieved record back-to-back quarters in 2023, launched a gross margin-positive stepvan, and significantly reduced operating expenses.

Where can I find more information about Xos' financial performance?

More information about Xos' financial performance can be found on their Investor Relations website at investors.xostrucks.com.

Stock XOS logo
Xos, Inc.

Nasdaq:XOS

XOS Rankings

#5034 Ranked by Market Cap
N/A Ranked by Dividends

XOS Stock Data

34.97M
8.00M
59.2%
2.18%
3.72%
Farm & Heavy Construction Machinery
Motor Vehicle Parts & Accessories
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LOS ANGELES