Xos, Inc. Secures Purchase Order for 10 Stepvans from Zeem Solutions, Delivers First Vehicle to Los Angeles Depot

Rhea-AI Summary

Xos, Inc. (NASDAQ: XOS) has announced a purchase order for 10 battery-electric stepvans from Zeem Solutions, a fleet-as-a-service provider. The first vehicle was delivered to Zeem's Los Angeles depot in Q2 2022. This partnership aims to support the transition to zero-emission transportation through leasing and operational services. Zeem plans to expand its depot locations across the U.S. to enhance fleet electrification. Xos specializes in manufacturing medium- and heavy-duty electric vehicles designed for last-mile delivery and offers a total cost of ownership advantage.

Positive

• Secured purchase order for 10 battery-electric stepvans from Zeem Solutions.
• First vehicle delivered in Q2 2022, showing operational progress.
• Partnership aligns with Xos's mission to decarbonize transportation.
• Zeem plans to expand depot locations, potentially increasing demand for Xos vehicles.

Negative

• None.

LOS ANGELES, July 12, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading fleet services provider and manufacturer of Class 5 through Class 8 battery-electric vehicles, today announced it has secured a purchase order for 10 of its 100% battery-electric stepvans from Zeem Solutions (“Zeem”), a fleet-as-a-service provider that builds and operates zero-emissions fleet depots, and has delivered the first vehicle to Zeem’s Los Angeles-based depot during the second quarter of 2022. Zeem will offer Xos vehicles for lease as part of its fleet-as-a-service offering.

“Zeem has created a first-of-its-kind suite of products for fleets and we’re excited to partner with them on this journey,” said Esther M. Santos, Director of North America Sales at Xos. “Xos and Zeem share a similar vision of decarbonizing transportation and supporting the growth of a clean energy economy, so this partnership is a natural fit.”

Inglewood, Calif.-based Zeem offers fleet-as-a-service amenities including vehicle leasing, vehicle charging, secured parking, vehicle maintenance and cleaning, and lounge space for drivers. Depots are also used for opportunity charging for high-mileage fleets as needed. Following its first depot location in Los Angeles, Zeem plans to deploy depots in strategic locations across the U.S. to accelerate widespread fleet electrification.

“Zeem offers fleets the best available vehicles, charging, and service to help make the transition from internal combustion engine to battery-electric as easy as possible,” said Paul Gioupis, CEO of Zeem Solutions. “I have been following Xos since Dakota and Giordano founded the company, and I am impressed with how they are building their products and their business. These 10 stepvans are the first of many we plan to add to our fleet.”

About Xos, Inc.
Xos is a leading fleet services provider and 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 up to 270 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

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”) expected product deliveries. 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 did Xos announce on July 12, 2022?

Xos announced a purchase order for 10 battery-electric stepvans from Zeem Solutions.

What is Zeem Solutions and its role in the Xos deal?

Zeem Solutions is a fleet-as-a-service provider that will lease Xos vehicles as part of its service offerings.

When was the first Xos vehicle delivered to Zeem?

The first vehicle was delivered during the second quarter of 2022.

How does Xos contribute to fleet electrification?

Xos manufactures battery-electric vehicles designed for last-mile delivery, providing a cost-efficient and zero-emission alternative.

What is the significance of Xos's partnership with Zeem Solutions?

The partnership supports a shared vision of advancing a clean energy economy and enhances Xos's market presence.