Xos, Inc. Secures Multi-Million Dollar Truck Order with Route Consultant, a Premier Broker for FedEx Ground Contractors
Xos, Inc. (NASDAQ: XOS) has received a significant order for 40 electric vehicles from Route Consultant, establishing Route Consultant as one of the largest EV owners among FedEx Ground contractors. The vehicles, scheduled for delivery in 2022, will be deployed in Springfield, St. Louis, and Terre Haute. This multi-million dollar investment highlights Route Consultant's commitment to zero-emission technology, facilitated by Xos’ infrastructure services. Both companies aim to enhance the adoption of electric vehicles within the FedEx network, marking a pivotal step in sustainable logistics.
- Receipt of an order for 40 electric vehicles increases market presence.
- Partnership with Route Consultant enhances credibility and market penetration.
- Route Consultant becomes one of the largest EV fleet owners in FedEx Ground, indicating strong demand.
- Investment showcases confidence in Xos' technology and services.
- Dependence on a single major order for growth.
- Potential risks related to supply chain issues affecting production.
- Market competition in the electric vehicle sector remains intense.
An initial order of 40 Xos electric vehicles will make Route Consultant one of the largest owners of EV vehicles within FedEx Ground contractors
LOS ANGELES, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced the receipt of a purchase order for Xos last mile delivery vehicles from Route Consultant, a premier broker and consultant for FedEx Ground contractors.
“We are thrilled to partner with one of the most trusted and recognizable independent service providers within FedEx Ground,” said Dakota Semler, Co-Founder and Chief Executive Officer of Xos, Inc. “We’re excited to grow our relationship and continue electrifying FedEx Ground fleets across the country.”
The 40 last mile delivery vehicles are slated for delivery in 2022 across three different cities in the Midwestern United States. Ten trucks will be delivered to Springfield, Ill., twenty to St. Louis, Mo., and ten to Terre Haute, Ind.
“This is a multi-million dollar investment that we are proud to make in Xos vehicles,” said Spencer Patton, Founder and President of Route Consultant. “I have long been impressed with Xos and their fully-electric, zero-emission vehicles. They helped create a charging infrastructure and fleet management service which made this investment in Xos vehicles a no-brainer decision. We have now become the largest owner of EV vehicles within FedEx Ground service providers and we hope we can blaze a trail towards achieving a meaningful adoption of electric vehicles amongst fellow contractors.”
Spencer Patton experienced Xos vehicles firsthand at the Contractor Expo, the largest gathering of FedEx contractors in the United States.
Xos CEO Dakota Semler also spoke on stage with Spencer at the 2021 Route Consultant Contractor Expo. Xos will be at the 2022 Contractor Expo in Las Vegas to meet with more FedEx Ground contractors.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery mobility 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.
About Route Consultant
Route Consultant is regarded as the premier broker and consultant for FedEx Ground contractors. Their mission is to educate and advise investors in the last mile delivery space. Headquartered in Nashville, TN, Route Consultant brings a full team of professionals to each transaction, consulting session, and event. The team is an active contracting organization and manages a fleet of 275 trucks and 225 employees across the United States.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “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”) purchase order from Route Consultant. 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: 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) Xos’ limited operating history, (iii) cost increases and delays in production due to 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’ ability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (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 foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2021 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.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
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