Xos, Inc. Announces Strategic Partnership with NationaLease

Rhea-AI Summary

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.

Positive

• Strategic partnership with NationaLease to enhance distribution network.
• Inclusion of Xos vehicles and services in NationaLease's offerings.
• Opportunity to expand North American footprint and meet customer demand.

Negative

• None.

LOS ANGELES, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of Class 5 through Class 8 battery-electric vehicles and powertrains, and provider of charging infrastructure and fleet management software, today announced a strategic partnership with NationaLease, one of the largest full-service truck leasing organizations in North America with over 900 locations and over 165,000 vehicles in its fleet.

As part of the initial launch, NationaLease has chosen Xos to be a Partner where Xos vehicles and services will be listed as part of the offerings from NationaLease. These offerings include Xos’ proprietary Xosphere fleet management platform that adds more end user capabilities such as telematics, vehicle tracking, and battery health management.

“We’re thrilled to continue growing our leasing and distribution network with this partnership with NationaLease,” said Jessica Savage, Head of Distribution at Xos. “NationaLease is widely recognized as one of the top leasing groups in the country and their support will help expand our footprint across North America.”

“We are pleased to partner with Xos and do our part in supporting the widespread growth of commercial fleet electrification,” said Dean Vicha, President of NationaLease. “This partnership will help us meet customer demand and ultimately help maintain a more long-lasting and sustainable standard for commercial transportation.”

About Xos, Inc.
Xos is a leading original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles and the tools to adopt them. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes of 200 miles or less 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 counterparts. For more information, please visit www.xostrucks.com.

Contacts
Xos Investor Relations
investors@xostrucks.com

Xos Media Relations
press@xostrucks.com

About NationaLease
Founded in 1944, NationaLease is one of the largest full service truck leasing organizations in North America, with over 900 locations throughout the U.S. and Canada and a combined customer fleet of over 165,000 tractors, trucks, and trailers. The company provides comprehensive fleet management services for private fleets and transportation service providers. More information can be found at www.nationalease.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding Xos, Inc.’s (“Xos”) North American footprint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) cost increases and supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iii) changes in the industries in which Xos operates, (iv) changes in laws and regulations affecting Xos’ business, (v) Xos’ ability to retain key personnel and hire additional personnel, (vi) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (vii) the outcome of any legal proceedings that may be instituted against Xos. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022 and Xos’ other filings with the SEC copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.

FAQ

What is the significance of the partnership between Xos and NationaLease?

The partnership enhances Xos' distribution network by integrating their vehicles and services into NationaLease's offerings, promoting fleet electrification.

How many vehicles does NationaLease manage?

NationaLease manages over 165,000 vehicles across more than 900 locations in North America.

What technology does Xos provide to NationaLease?

Xos provides its proprietary Xosphere fleet management platform, which includes telematics, vehicle tracking, and battery health management.

When was the partnership between Xos and NationaLease announced?

The partnership was announced on August 17, 2022.

What types of vehicles does Xos manufacture?

Xos manufactures Class 5 through Class 8 battery-electric vehicles, designed for medium- and heavy-duty commercial applications.