Xos, Inc. Delivers First Stepvans and Energy Solutions to Neighbor, Morgan Services
Xos, Inc. (NASDAQ: XOS) has announced the delivery of their Xos SV Stepvans and comprehensive charging solutions to Morgan Services, a family-owned textile company.
The delivery includes the first set of Class 6 battery-electric stepvans, with additional orders for facilities in Los Angeles and San Diego. Xos also installed nine charging stations at Morgan Services' Los Angeles site, covering everything from design and permitting to physical installation and activation.
CEO Dakota Semler expressed enthusiasm about the partnership, emphasizing the significance of this milestone for both companies in the realm of fleet electrification. This collaboration underscores Xos' commitment to providing turnkey solutions for businesses transitioning to electric vehicles and solidifies its position as a leader in the commercial fleet electrification space.
- Delivery of Class 6 battery-electric stepvans to Morgan Services.
- Installation of nine charging stations at Morgan Services' Los Angeles site.
- Morgan Services placed additional orders for facilities in Los Angeles and San Diego.
- Collaboration highlights Xos' commitment to comprehensive turnkey solutions.
- Underscores Xos’ leadership in commercial fleet electrification.
- None.
Insights
The partnership between Xos, Inc. and Morgan Services indicates a positive step towards the adoption of electric vehicles (EVs) in the commercial transportation sector. A noteworthy element here is the delivery of Class 6 battery-electric stepvans, a significant class within the EV market as it targets medium-duty vehicles important for various logistics and service industries. This move signals a potential shift within the textile service industry towards sustainable and eco-friendly transportation solutions, highlighting an evolving market trend.
From a market perspective, this deployment could serve as a catalyst for similar companies to consider EVs, possibly increasing the demand for Xos' products. The integration of comprehensive charging solutions further enhances Xos' positioning by offering a turnkey solution, which simplifies the transition to electric fleets for businesses.
The proximity of Morgan Services to Xos’ headquarters in Los Angeles is also significant. It suggests a strategic move to strengthen local market penetration and build a solid regional case study, potentially aiding in future sales and partnerships within the region.
Analyzing this partnership from a financial angle, it’s clear that the delivery of electric stepvans and the installation of charging stations represent a revenue-generating opportunity for Xos, Inc. Although the specific financial terms of the deal are not disclosed, the mention of 'additional orders' indicates recurring revenue potential and a sustained business relationship, which can be financially beneficial in the long run.
This deal also solidifies Xos' capability to deliver not just vehicles but complete charging solutions, increasing the company’s service offerings and market competitiveness. By providing end-to-end solutions, Xos can potentially achieve higher profit margins compared to selling vehicles alone, due to the added value of installation and maintenance services.
Investors should note that strategic partnerships like this can help build a robust revenue pipeline, contributing to Xos’ topline growth and market credibility, which are key factors for long-term financial health and investor confidence.
LOS ANGELES, June 25, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leader in the electrification of fleets, is excited to announce the delivery of Xos SV Stepvans and comprehensive charging solutions to Morgan Services, a family-owned textile company. This delivery introduces Morgan Services to their first set of Class 6 battery-electric stepvans from Xos, with additional orders placed for their facilities in Los Angeles and San Diego.
Dakota Semler, CEO and Co-Founder of Xos, Inc., expressed enthusiasm about the partnership, stating, “It's an honor to welcome Morgan Services as one of our valued customers. Adding Morgan Services to our growing list of Linen & Uniform Companies is a testament to our stepvan being the perfect solution to this industry’s electrification needs.”
Xos Energy Solutions also set up nine charging stations at Morgan Services’ Los Angeles site to service this delivery and future deliveries of Morgan’s electric fleet. This all-encompassing service covered everything from design and permitting to the physical installation of chargers and their activation, underscoring Xos’ commitment to offering comprehensive turnkey solutions for businesses transitioning to electric vehicles.
Angel Garcia, General Manager of Morgan Services Los Angeles, expressed his enthusiasm upon receiving the electric stepvans and eagerly anticipates seeing them in operation. He also considers this a significant milestone in transitioning Morgan's fleet to electric vehicles.
Located near Xos’ headquarters in Los Angeles, the collaboration with Morgan Services holds special significance, reflecting Xos’ dedication to aiding local businesses and communities in the shift towards decarbonizing commercial transportation. This successful delivery underscores Xos’ position as a leader in delivering fleet electrification solutions for the commercial sector.
Watch the video testimonial here: https://youtu.be/Gi39o71GjdE
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. 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. The company leverages its proprietary technologies to provide commercial fleets with battery-electric 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, visit www.xostrucks.com.
Contacts
Xos Media Relations
press@xostrucks.com
About Morgan Services
Morgan Services, Inc., is a family-owned textile company. We have been innovating and expanding our services for over 135 years, with locations across the country. We specialize in linen and uniform rental services for all types of facilities.
At Morgan, many members of our team and their families have been with us for generations. That deep bench of experience translates into added value for you and supports our corporate mission: to help you reduce costs, improve productivity and enhance your image.
The Morgan Mission: Delight Target Customers with a customized service that meets their high standards for quality, reliability and response. For more information, visit www.morganservices.com.
Cautionary Statement Regarding Forward-Looking Statements
This website and other items we publish, including through social media outlets, 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 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, including but not limited to: (i) Xos, Inc.’s (“Xos”) ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) Xos’ limited operating history, (iii) cost increases and supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iv) Xos’ ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos’ business, (viii) Xos’ inability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (xi) the outcome of any legal proceedings that may be instituted against Xos.
You should carefully consider the preceding factors and the other risks and uncertainties described in Xos’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Copies of Xos’ SEC filings may be obtained by visiting Xos’ Investors Relations website at investors.xostrucks.com or the SEC’s website at www.sec.gov. These filings may 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.
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/1aeb5b02-7f8e-481d-a241-6ff8218b3c00
FAQ
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