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 delivered 65 battery-electric stepvans to Merchants Fleet, expanding its partnership and total deliveries to 123 vehicles. The deployment spans Antioch and Alhambra in California. Merchants Fleet has pledged $2.5 billion towards electrification, aiming for 50% of its fleet to be electric by 2030. This partnership highlights Xos's role in advancing sustainable fleet solutions, aligning with broader industry goals.
Xos, Inc. (NASDAQ: XOS) announces the delivery of 13 battery-electric stepvans to four FedEx Ground Operators across the U.S. This deployment supports FedEx's aim for carbon neutrality by 2040. Operators involved include RNR Transport, SISA, Hidden Arrow, and Limestone Logistics, situated in Kansas, California, Illinois, and Kentucky, respectively. Xos specializes in fleet services and electric vehicles ranging from Class 5 to Class 8. The company aims to enhance zero-emission vehicle adoption within commercial fleets, making them more efficient and easier to maintain.
Xos (NASDAQ: XOS) has signed a Global Memorandum of Understanding (MOU) with CALSTART, a clean transportation consortium, to accelerate the adoption of zero-emission medium- and heavy-duty vehicles (ZE-MHDVs). This MOU aligns with CALSTART's Drive to Zero™ program, aiming for 30% of new MHDVs to be zero-emission by 2030 and 100% by 2040, facilitating net-zero carbon emissions by 2050. Xos CEO Dakota Semler emphasized the company's commitment to the transition from internal combustion engines to all-electric vehicles.
Xos, Inc. (NASDAQ: XOS) has introduced Xos DC Fast Chargers as part of its Xos Energy Solutions™ for electric vehicles. This new product line includes five charger models: 30kW, 60kW, 150kW, and 300kW, which can be used for both passenger and commercial vehicles. The chargers are compatible with the Xosphere™ fleet management platform for enhanced monitoring and maintenance. Additionally, Xos secured a purchase order for nine chargers from Morgan Services, Inc. for installation in Los Angeles.
Xos, Inc. (NASDAQ: XOS) has partnered with ShipX to promote battery-electric vehicles (BEVs) in delivery fleets. This collaboration aims to accelerate the adoption of BEVs, with ShipX facilitating the promotion of Xos vehicles to its clients. Xos may provide discounts or incentives to clients purchasing or leasing their vehicles. Both companies share a commitment to smarter, cleaner delivery solutions. Xos specializes in manufacturing Class 5 to Class 8 battery-electric commercial vehicles, focusing on sustainability and cost efficiency for fleet operators.
Xos, a technology company specializing in battery-electric commercial vehicles, announced the implementation of Advanced Driver Assistance System (ADAS) features into all its stepvans as standard. The suite includes Lane Keep Alert, Forward Collision Warning, Pedestrian Warning, Speed Limit Indicator, Distance Warning, and a Rear Camera. According to Vice President Saleh Heydari, these enhancements aim to boost driver safety and confidence. Xos provides electric vehicles designed for commercial use, focusing on cost efficiency and ease of maintenance.
Xos, a leader in battery-electric commercial vehicles, announced its participation in the 15th Annual Cowen Global Transportation & Sustainable Mobility Conference on September 9, 2022. Senior management, including CEO Dakota Semler and COO Giordano Sordoni, will engage in a fireside chat scheduled from 4:20 PM to 4:50 PM ET. Interested stakeholders can access the live webcast and its replay through the Investor Relations section of Xos' website. Xos focuses on zero-emission vehicles designed for efficient fleet management on daily routes of up to 270 miles.
Xos, Inc. (NASDAQ: XOS), a technology firm specializing in fleet services and battery-electric commercial vehicles, has selected The W.W. Williams Company as a pilot service provider in Arizona. This partnership will enhance maintenance and repair services for Xos vehicles in the Phoenix and Tucson regions. W.W. Williams, recognized for its extensive service capabilities, will also provide essential Xos service parts to customers. This collaboration aims to improve customer satisfaction and operational efficiency for electric fleet services.
Xos, Inc. announced a strategic partnership with NationaLease, a major truck leasing organization in North America. This collaboration will feature Xos vehicles and services among NationaLease's offerings, enhancing their fleet management capabilities through Xos' Xosphere platform. Xos aims to expand its market presence while supporting the electrification of commercial fleets. NationaLease operates over 900 locations and has a fleet exceeding 165,000 vehicles, which positions this partnership as a significant step for both companies in the growing electric vehicle market.
Xos, Inc. reported a 40% revenue increase to $9.8 million for Q2 2022, driven by higher unit deliveries totaling 73 units. The company secured $55 million in additional financing and entered strategic partnerships, including collaborations with Allison Transmission and Thermo King. However, Xos faced a net loss of $9.5 million and an operating loss of $27.8 million. Looking ahead, management anticipates second-half revenues between $18.75 million and $25.60 million, with a predicted non-GAAP operating loss of $43 to $52 million.
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