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 announced a significant milestone by delivering three 100% battery-electric stepvans to Cutone Transport Inc. in Ontario, Canada, marking Cutone as Xos' first Canadian customer. This delivery, completed in June 2022, contributes to a total of 24 vehicles provided to FedEx Ground Operators, enhancing their sustainability efforts. The transition to electric vehicles is anticipated to yield substantial cost savings in fuel and maintenance for Cutone, aligning with their goals for a more sustainable fleet.
Xos, Inc. (NASDAQ: XOS) announced its inclusion in the Russell 3000® Index, effective June 27, 2022. This annual reconstitution ranks the largest U.S. companies by market capitalization, with membership lasting a year. Xos specializes in Class 5 to Class 8 battery-electric vehicles and fleet services. The inclusion aims to enhance Xos’ visibility among investors, providing opportunities for increased shareholder value. Xos’ CEO, Dakota Semler, emphasized this milestone as part of their strategy to be a leading manufacturer in the electric vehicle market.
Xos, Inc. (NASDAQ: XOS) has announced a replay of its Fireside Chat from the 2022 UBS Global Industrials and Transportation Conference, held on June 7, 2022. The replay is available on the investor relations page. Xos is recognized as a leading provider of Class 5 through Class 8 battery-electric vehicles, targeting medium- and heavy-duty commercial fleets with zero-emission solutions. Their proprietary technologies aim to enhance cost-efficiency on a total cost of ownership basis compared to traditional internal combustion engines.
Xos, a manufacturer of Class 5 through Class 8 battery-electric vehicles, released a video recap of its Fleet Week product reveal event held on May 10th. The video showcases the new 100% battery-electric MDXT and HDXT vehicles, along with the Xosphere fleet management platform. These innovations aim to enhance fleet management and promote zero-emission vehicles designed for commercial routes of 270 miles or less per day. Xos emphasizes cost-efficiency and ease of maintenance for its electric vehicle offerings.
Xos, Inc. (NASDAQ: XOS) unveiled two new electric vehicles during the inaugural Fleet Week, positioning itself as a leader in battery-electric fleet solutions. The Xos HDXT™ is a Class 8 heavy-duty electric tractor with a range of 230 miles and 82,000 pounds GCWR, while the Xos MDXT™ is a Class 6/7 medium-duty vehicle with a 270-mile range. Partnerships with McLane Company and Republic National Distributing Company for pilot programs highlight the vehicles' sustainability. Xos also introduced Xosphere™, a software platform for fleet management aimed at reducing total ownership costs.
Xos, Inc. has partnered with Allison Transmission to develop Class 7 and 8 battery-electric commercial vehicles. This collaboration aims to integrate Allison's eGen Power® e-Axles into Xos's vehicle platforms, enhancing the efficiency and technology of electric vehicles. The initial hardware has been delivered for testing, with more units expected throughout 2022. Xos focuses on providing zero-emission vehicles that are cost-effective compared to traditional vehicles, addressing fleet owners' challenges related to maintenance costs and emissions regulations.
Xos, Inc. has entered a strategic partnership with Allison Transmission to develop heavy-duty Class 7 and 8 commercial electric vehicles using Allison's eGen Power e-Axles. The initial e-Axle hardware is delivered for integration and testing, with further units expected throughout 2022. Xos aims to enhance its offerings for fleet owners by leveraging Allison's technology and service network, addressing the rising maintenance costs and emissions regulations in the electric vehicle market. This collaboration is expected to accelerate growth and improve operational efficiencies for both companies.
Xos, Inc. reported financial results for Q1 2022, showing revenue of $7.0 million but a net loss of $21.2 million. Deliveries increased, with 56 units shipped, including contracts with FedEx and UniFirst. Cash reserves stood at $129.7 million. The company anticipates Q2 revenues between $8 million and $11 million and expects delivery of 70-90 units. Despite a challenging supply chain environment, management highlights improved gross margins and a robust order pipeline, with over 350 purchase orders received this quarter.
Xos, Inc. (NASDAQ: XOS) announced a partnership with Thermo King to develop a 100% battery-electric refrigerated commercial vehicle prototype. This vehicle aims to support fresh and frozen applications and will undergo field trials with customers from both companies. The agreement also allows Xos to utilize Thermo King's refrigeration units on its mobile charging stations and permits Thermo King to use Xos' Lyra Series battery systems for electric trailer refrigeration units. This collaboration aligns with Thermo King's commitment to electrifying its product portfolio by 2025.
Xos, Inc. (NASDAQ: XOS) will release its first quarter 2022 financial results on May 5, 2022, after the market closes. A conference call is scheduled for the same day at 6:00 PM ET to discuss these results. Xos specializes in manufacturing battery-electric vehicles and providing fleet management software tailored for commercial vehicles. Their zero-emission vehicles are designed for efficiency on last-mile routes, offering lower total cost of ownership compared to traditional vehicles. More details can be found on their website.
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