Xos Selected as Approved Manufacturer with New Jersey Zero-Emission Incentive Program

Rhea-AI Summary

Xos, Inc. (NASDAQ: XOS) has been approved as a manufacturer under New Jersey's Zero-Emission Incentive Program (NJ ZIP), allowing purchasers of the Xos Stepvan to receive up to $90,000 per vehicle. This program, funded by a $45 million initiative from the New Jersey Economic Development Authority, aims to promote the use of zero-emission vehicles and reduce emissions statewide. The application process opens on April 18, 2023, at 10:00 a.m. Eastern. Jessica Savage, Xos's VP of Service and Distribution, expressed pride in New Jersey's commitment to a zero-emissions future.

Positive

• Approval as an approved manufacturer under NJ ZIP program.
• Potential for high voucher incentives of up to $90,000 per vehicle.
• Alignment with New Jersey's goals for zero-emission vehicle adoption.

Negative

• None.

$45 million state voucher program aims to reduce harmful emissions caused by transportation industry

LOS ANGELES, March 23, 2023 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet services provider, announced it has been selected as an approved manufacturer with the New Jersey Zero-Emission Incentive Program (“NJ ZIP”). With NJ ZIP, purchasers of the Xos Stepvan in the state of New Jersey are eligible to receive up to $90,000 per vehicle as a base voucher amount. Xos joins its authorized dealer in the region on the list of approved vendors.

NJ ZIP is a $45 million voucher-style incentive program launched by New Jersey Economic Development Authority (NJEDA) for medium- and heavy-duty zero-emission vehicles. The goals of the program are to accelerate the adoption and use of zero-emission medium and heavy-duty vehicles within New Jersey and to reduce emissions within the state.

“We’re pleased that both our authorized dealer and the Xos team have been selected to the New Jersey Zero-Emission Incentive Program. New Jersey is a forward-thinking state that we’re proud to see adopt ambitious goals to achieve a zero-emissions future,” said Jessica Savage, Vice President of Service and Distribution at Xos.

The application for NJ ZIP opens on Tuesday, April 18th at 10:00 a.m. Eastern. Fleets interested in purchasing or leasing an Xos vehicle can reach out to Xos at (818) 316-1890 or sales@xostrucks.com.

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.

Xos Contacts
Xos Investor Relations
investors@xostrucks.com

Xos Media Relations
press@xostrucks.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4106bd98-d25e-4c56-835e-b04cad6e11e9

FAQ

What is the New Jersey Zero-Emission Incentive Program for Xos?

The NJ ZIP program is a $45 million initiative that offers up to $90,000 in vouchers for purchasers of Xos vehicles to promote zero-emission vehicles.

When does the NJ ZIP application open for Xos vehicles?

The application opens on April 18, 2023, at 10:00 a.m. Eastern.

What benefits does Xos offer under the NJ ZIP program?

Xos vehicles, specifically the Stepvan, can be purchased with substantial voucher incentives that aid in reducing the overall cost of ownership.

Is Xos a manufacturer of electric trucks?

Yes, Xos, Inc. is a leading electric truck manufacturer specializing in battery-electric fleet vehicles.