Xos Signs Endorsement of Global MOU with CALSTART Advocating for Acceleration of Zero-Emission Medium- and Heavy-Duty Vehicle

Rhea-AI Summary

Xos (NASDAQ: XOS) has signed a Global Memorandum of Understanding (MOU) with CALSTART, a clean transportation consortium, to accelerate the adoption of zero-emission medium- and heavy-duty vehicles (ZE-MHDVs). This MOU aligns with CALSTART's Drive to Zero™ program, aiming for 30% of new MHDVs to be zero-emission by 2030 and 100% by 2040, facilitating net-zero carbon emissions by 2050. Xos CEO Dakota Semler emphasized the company's commitment to the transition from internal combustion engines to all-electric vehicles.

Positive

• Endorsement of a Global MOU with CALSTART to promote zero-emission vehicles.
• Alignment with ambitious targets of 30% zero-emission MHDVs by 2030 and 100% by 2040.
• Commitment to achieving net-zero carbon emissions by 2050.

Negative

• None.

LOS ANGELES, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading technology company that provides fleet services, software solutions, and manufactures Class 5 through Class 8 battery-electric commercial vehicles, today announced it has signed an endorsement of a Global Memorandum of Understanding (“MOU”) created by CALSTART, a national clean transportation non-profit consortium, advocating for the acceleration of zero-emission medium- and heavy-duty vehicles (“ZE-MHDVs”).

The Global MOU is part of CALSTART’s Drive to Zero™ program which aims to make zero-emission technology commercially competitive by 2025 and dominant by 2040 in specific vehicle segments and regions. The MOU can be found online here: https://globaldrivetozero.org/site/wp-content/uploads/2021/12/Global-MOU-ZE-MHDVs-signed-20-Dec-21.pdf  

By endorsing the Global MOU as a medium- and heavy-duty vehicle manufacturer, Xos is aligning with the joint ambition for 30% of new MHDVs to be zero-emission by 2030, and 100% by 2040, so as to help facilitate net-zero carbon emissions by 2050.

“We recognize the dire need to transition away from internal combustion engines to to all-electric vehicles, and we remain committed to doing our part in making this happen,” said Dakota Semler, Chief Executive Officer of Xos. “Signing the Global MOU and working with CALSTART is a step in the right direction to enact real change, and we look forward to seeing the impact come to fruition.”

“As a global zero-emission commercial vehicle innovation leader, Xos enables top fleet customers like FedEx Ground to address their climate emissions, lower their fuel and vehicle maintenance costs, and to deliver both a cleaner product and healthier air to their customers,” said Dr. Cristiano Façanha, global director for CALSTART and lead of its Drive to Zero™ program and campaign. “We are honored to count Xos as a private sector leader that is helping to address the climate crisis, while also raising the bar for public sector global action and ambition.”

About Xos, Inc.

Xos is a leading technology company, 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.

Xos Contacts
Xos Investor Relations
investors@xostrucks.com

Xos Media Relations
press@xostrucks.com

About CALSTART
A nonprofit consortium with offices in New York, Michigan, Colorado, California and central Europe and partners world-wide, CALSTART works with 300+ member company and agency innovators to build a prosperous, efficient, and clean high-tech transportation industry. We overcome barriers to modernization and the adoption of clean vehicles. CALSTART is changing transportation for good. To learn more, visit https://calstart.org/.

CALSTART Contacts
Roxanna Smith, Communications
roxanna.smith@globaldrivetozero.org

FAQ

What is Xos's recent initiative related to zero-emission vehicles?

Xos has signed a Global Memorandum of Understanding with CALSTART to accelerate zero-emission medium- and heavy-duty vehicles.

What are the goals of the Global MOU signed by Xos?

The goals include achieving 30% of new medium- and heavy-duty vehicles to be zero-emission by 2030 and 100% by 2040.

What program is the Global MOU a part of?

The MOU is part of CALSTART's Drive to Zero™ program.

What is Xos's commitment regarding carbon emissions?

Xos aims to help facilitate net-zero carbon emissions by 2050 through its initiatives.

Who is the CEO of Xos and what did they say about the MOU?

Dakota Semler, CEO of Xos, stated that signing the MOU is a step towards real change in transitioning to all-electric vehicles.