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. 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.
Xos, Inc. has entered into a dealership agreement with Gabrielli Truck Sales to distribute its electric vehicles across New York, New Jersey, and Connecticut. This partnership allows Gabrielli to sell Xos' Class 5 and 6 stepvans, the medium-duty Class 6 and 7 MDXT™, and the heavy-duty Class 8 HDXT™ at 17 of its 19 locations. Xos aims to expand its market presence in the Northeast, targeting the shift from diesel to electric vehicles in commercial fleets. Gabrielli, with over 50 years of experience, is recognized for its leadership in truck sales and services.
Xos, a manufacturer of battery-electric vehicles, has successfully secured a purchase order from AUSEV Pty Ltd for a stripped chassis. This marks a significant step as Xos enters discussions for a potential manufacturing and distribution partnership in Australia, focusing on the electric vehicle market, particularly for right-hand drive vehicles. The partnership aims to enhance Xos's revenue and brand visibility in the Oceania region, leveraging AUSEV's local expertise. This initiative is seen as a crucial move towards establishing electric vehicle manufacturing in Australia.
Xos, Inc. (NASDAQ: XOS) will release its Q2 2022 operating results on August 11, 2022, after U.S. market close. A conference call to discuss these results will occur the same day at 4:30 p.m. EDT. Investors can join via a live webcast or dial in using the provided numbers. The conference will cover financial results and may include forward-looking information. Xos manufactures 100% battery-electric commercial vehicles and offers related services like charging infrastructure and fleet management.
Xos, Inc. has announced its position as the headline sponsor for the annual Route Consultant Contractor Expo taking place in Las Vegas on August 20-21, 2022. This event unites FedEx Ground and Amazon Delivery Service Partners. CEO Dakota Semler is set to engage in a fireside chat discussing the company's advancements in electric fleet ecosystems. Xos, which specializes in battery-electric vehicles, aims to strengthen relationships with logistics contractors. This marks Xos's second consecutive year at the Expo, which is free for independent service providers.
Xos, Inc. (NASDAQ: XOS) reported the delivery of 73 battery-electric vehicles in Q2 2022, servicing clients like FedEx and Loomis. The company emphasizes growing demand for its zero-emission trucks as it aims to strengthen relationships with fleet operators. Xos remains a prominent player in the commercial electric vehicle sector, focusing on production efficiency and value for customers. The company's proprietary technology supports cost savings and efficient maintenance compared to traditional vehicles, reinforcing its commitment to a sustainable future.
Xos, Inc. (NASDAQ: XOS) has announced a purchase order for 10 battery-electric stepvans from Zeem Solutions, a fleet-as-a-service provider. The first vehicle was delivered to Zeem's Los Angeles depot in Q2 2022. This partnership aims to support the transition to zero-emission transportation through leasing and operational services. Zeem plans to expand its depot locations across the U.S. to enhance fleet electrification. Xos specializes in manufacturing medium- and heavy-duty electric vehicles designed for last-mile delivery and offers a total cost of ownership advantage.
Xos, Inc. (NASDAQ: XOS) announced the delivery of 58 battery-electric stepvans to Merchants Fleet across three locations in California and New Hampshire during Q2 2022.
This delivery supports Merchants Fleet’s commitment to electrifying its fleet, backed by a $2.5 billion investment for 40,000 electric vehicles by 2025. Xos specializes in Class 5 to Class 8 electric vehicles aimed at medium- and heavy-duty commercial use, promoting zero-emission transportation.
Xos, Inc. (NASDAQ: XOS), a manufacturer of battery-electric vehicles, has delivered four vehicles to Loomis, a cash-handling company, reaffirming their collaboration since 2019. The deliveries occurred at Loomis locations in California, New Jersey, and North Carolina. Xos emphasizes that their vehicles contribute to reducing fuel and maintenance costs while supporting sustainability goals. The company strives to provide zero-emission vehicles that are more cost-effective than traditional models.
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