Xos Announces Partnership with Merchants Fleet to Grow EV Portfolio for Last Mile Delivery

Rhea-AI Summary

Xos, Inc. (NASDAQ: XOS) announces a significant partnership with Merchants Fleet, aiming to electrify their fleet. Merchants plans to purchase over 40,000 electric vehicles, moving towards 50% electrification of its mobility fleet by 2025 and its managed fleet by 2030. The first 10 Xos electric step vans are set for delivery in 2022, enhancing options for last-mile delivery clients. Merchants has committed over $2 billion towards fleet electrification and is keen on providing sustainable logistics solutions.

Positive

• Partnership with Merchants Fleet enhances market presence.
• Merchants Fleet's commitment of over $2 billion towards fleet electrification.
• First delivery of electric step vans scheduled for 2022.

Negative

• None.

Merchants Orders Fully Electric Step Vans from Xos, Inc.

• New commitment to purchase Xos EVs moves Merchants Fleet closer to 50% electrification of mobility fleet portfolio by 2025, 50% electrification of its managed fleet portfolio by 2030.
• Offers electrification option for Merchants’ last mile and delivery clients
• Merchants has committed over $2B to fleet electrification, with intent to buy more than 40,000 electric vehicles
• The new Xos Electric step vans will be deployed in 2022

LOS ANGELES, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Xos, Inc (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced a strategic partnership with Merchants Fleet, the nation’s fastest growing fleet management company. The partnership will enable Merchants Fleet to continue to expand its offering of electric fleet vehicles with an intent to buy EV step vans from Xos, Inc. The first 10 step vans are expected to be delivered to Merchants Fleet in 2022.

The electric Xos step van is designed to accommodate an extensive variety of medium-duty bodies, making it an ideal solution for Merchants’ extensive portfolio of last mile delivery clients throughout North America.

“Merchants is eager to partner with emerging OEMs like Xos, who are innovative and making a significant impact in the industry,” said Hari Nayar, Merchants Fleet Director of Electrification and Sustainability. “Adding Xos step vans to our fleet provides our clients with a durable, reliable, and cost-effective option, especially for last mile delivery services.”

Merchants is driving fleet electrification throughout North America, aiming to have 50% of its mobility fleet electric by 2025 and 50% of its clients’ fleet electric by 2030. As part of its ‘Electrify Fleet’ initiative, the company has also launched a comprehensive Adopt EV program, designed to help guide businesses through each step of the fleet electrification process—from assessing needs to purchasing the right vehicles, to charging options and infrastructure support.

Xos recently attended Merchants’ 2021 Fleet Summit in September, which drew more than 200 fleet experts from around the country, to discuss electrification and the future of fleet. Xos step vans were displayed at the event, where clients had the opportunity to experience the fully-functional vehicles in person.

“We are thrilled to partner with Merchants Fleet and provide them with a superior alternative to traditional fossil fuel vehicles,” said Jose Castaneda, Xos Vice President of Business Development. “The need for clean fleet and logistics solutions is gaining momentum as both the public and private sector are moving towards a net zero carbon economy.”

About Merchants Fleet

Merchants Fleet is the nation’s fastest growing fleet management company, providing flexible funding and service options for organizations that leverage vehicles to run their operations, serving as a single source for all vehicle needs, including electric vehicles. From financing and charging to maintenance and remarketing, Merchants has collaborated with dozens of OEMs, charging, data and upfit partners to ensure every client is connected to the service, technology platforms, and products that will support their fleet in making the transition to EV. Merchants Fleet is headquartered in Hooksett, New Hampshire, and its Innovation Center is located in the Chicago, Illinois area.

About Xos, Inc.

Xos, Inc. is an electric truck OEM and Fleet-as-a-Service provider dedicated to decarbonizing commercial transportation. Xos designs and develops battery-electric trucks, powertrains, and battery systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.

Merchants Fleet Media Contact
Matt Conroy
Mconroy@stantonprm.com 
646-502-3563

Xos Media Contact
press@xostrucks.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96752f41-1723-4925-89f3-8057e017a6e6

FAQ

What is the recent partnership announced by XOS?

XOS has partnered with Merchants Fleet to provide electric step vans, enhancing their electrification efforts.

When will the first XOS electric step vans be delivered?

The first 10 XOS electric step vans are expected to be delivered in 2022.

What are Merchants Fleet's electrification goals?

Merchants Fleet aims for 50% electrification of its mobility fleet by 2025 and 50% of its managed fleet by 2030.

How many electric vehicles is Merchants Fleet planning to purchase from XOS?

Merchants Fleet has committed to purchase more than 40,000 electric vehicles.