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, Inc. (NASDAQ: XOS) has successfully validated the performance of its 2023 Xos Stepvan through winter testing in 15-degree weather in Michigan. The tests were designed to assess handling on low-friction surfaces, hills, and icy terrains. Over five days, Xos evaluated the vehicle's capabilities in various conditions, including public road simulations.
Additionally, the testing focused on battery systems and software interactions, aimed at enhancing overall vehicle performance. Director David Dominic Jr. emphasized the significance of these tests in ensuring the Stepvan's reliability and safety for customers. Xos positions itself as a leader in electric truck manufacturing, providing cost-efficient solutions for commercial fleets.
Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer, recently announced the deployment of 30 Xos vehicles to Alsco Uniforms, a major player in the linen and uniform rental industry. This initiative supports Alsco's shift towards battery-electric operations, emphasizing sustainability and reduced carbon emissions. The vehicles have been distributed across Alsco's locations in California, including Santa Rosa and Los Angeles. Xos aims to enhance fleet efficiency and cost-effectiveness through its electric vehicle technology. This partnership marks a significant step in Xos's strategy to serve top uniform fleets, positioning the company favorably in the growing electric vehicle market.
Xos, Inc. (NASDAQ: XOS) has reported significant growth in 2022, with revenue increasing to $36.4 million, up from $5.0 million in 2021, marking a year-over-year improvement of over six times. Deliveries surged by 525%, totaling 275 units compared to just 44 in 2021. The company expects to deliver gross margin positive units by mid-2023. Xos has expanded its service partnerships to 39 locations and added over 800 signed Stepvan orders to its backlog. The 2023 outlook anticipates unit deliveries between 450 to 600 units and revenue between $58.5 to $84.0 million, indicating continued strong demand for its electric vehicles.
Xos, Inc. (NASDAQ: XOS) has been approved as a manufacturer under New Jersey's Zero-Emission Incentive Program (NJ ZIP), allowing purchasers of the Xos Stepvan to receive up to $90,000 per vehicle. This program, funded by a $45 million initiative from the New Jersey Economic Development Authority, aims to promote the use of zero-emission vehicles and reduce emissions statewide. The application process opens on April 18, 2023, at 10:00 a.m. Eastern. Jessica Savage, Xos's VP of Service and Distribution, expressed pride in New Jersey's commitment to a zero-emissions future.
Xos, Inc. (NASDAQ: XOS), a leader in battery-electric commercial vehicles, will release its Q4 2022 and full-year results on March 29, 2023, after U.S. market close. A conference call will follow at 4:30 p.m. EDT to discuss these results, accessible to all interested parties. The company's vehicles and fleet management solutions target medium- and heavy-duty sectors, focusing on efficiency and total cost of ownership advantages compared to traditional vehicles. Interested participants can access the call via web or phone.
Xos, a prominent electric truck manufacturer, unveiled its 2023 Battery-Electric Stepvan, designed to reduce production costs significantly. Built on the X-Platform™ chassis, this next-gen Stepvan integrates enhanced telematics and over-the-air updates to improve fleet efficiency. CEO Dakota Semler announced that these engineering innovations aim to achieve a positive gross margin for the company by mid-2023. The Stepvan's structural upgrades enable greater payloads and operational efficiency. Xos is showcasing this vehicle at Work Truck Week in Indianapolis, emphasizing its potential for fleet operators.
Xos, Inc. (NASDAQ: XOS) has announced a purchase order with Loomis for 150 additional armored electric vehicles (EVs) in the U.S. market. Loomis currently operates 20 armored EVs from Xos. Since 2019, Loomis has integrated armored electric vehicles to reduce fleet emissions, aligning with its commitment to sustainability. This order marks a significant step in decreasing dependency on fossil fuels.
Both companies emphasize the importance of reliable and durable vehicles for cash-in-transit operations, showcasing their dedication to innovative solutions that enhance operational efficiency while minimizing environmental impact.
Loomis has signed an agreement with Xos, Inc. for the delivery of 150 armored electric vehicles (EVs) in the US, building on their previous order of 20 EVs. This initiative reflects Loomis' commitment to sustainability, aiming to reduce transportation emissions as their fleet accounts for the largest climate impact. Under their Sustainability-Linked Finance Framework, Loomis targets a 20% reduction in carbon emissions by 2025 compared to 2019 levels. The first deliveries are expected in the second half of 2023, marking a significant step towards transforming their fleet while maintaining high security standards.
Xos, Inc. (NASDAQ: XOS) has promoted Jessica Savage to Vice President of Service and Distribution as of January 26, 2023. With over 12 years of trucking industry experience, Savage will lead the company's service, distribution, and customer experience teams. Her prior role as Director of Distribution saw her building Xos's dealership and distribution network. CEO Dakota Semler praised her contributions to dealer and partner success, anticipating further growth under her leadership. Xos specializes in battery-electric commercial vehicles for medium- and heavy-duty applications, emphasizing lower total cost of ownership compared to traditional engines.
Xos, Inc. (NASDAQ: XOS) has launched a mobile fleet management application, Xosphere Go™, designed for fleet owners and operators to manage their battery-electric vehicles and chargers conveniently. Available for free on iOS and Android, the app enhances accessibility to Xos’s proprietary Xosphere® software, which helps users monitor vehicle health and performance. This initiative supports the transition to electric vehicles by providing tools for maximizing battery range and maintenance. Xosphere Go offers functionalities ranging from service requests to performance reports.
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