Xos Signs Dealership Agreement with Foley Equipment Company

Foley to offer full suite of Xos vehicles and service in Western Kansas

Los Angeles, California, UNITED STATES

LOS ANGELES, Nov. 17, 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 a dealership agreement with Foley Equipment Company (“Foley”), a leading equipment dealer in the Midwest. Foley will sell Xos’ flagship Class 5 and 6 stepvan, medium-duty Class 6 and 7 chassis cab MDXT™, and heavy-duty Class 8 electric trailer HDXT™, as well as provide service across Western Kansas.

Xos stepvan - Foley announcement

“We’re thrilled to further expand our footprint in the Midwest with this dealership agreement with the industry-leading Foley team,” said Jessica Savage, Head of Distribution at Xos.

Foley is a truck sales and services dealership with 15 locations across the Midwest. The company offers a broad line of Caterpillar and Allied Construction equipment and power generation, as well as SITECH construction technology solutions.

“We at Foley are dedicated to providing our customers with the best available trucks, service, and trucking technology on the market today,” noted Foley President and CEO Ann Konecny. “The energy transition allows us to leverage our expertise in power generation with our long history in the truck market. As one of the leaders in electric trucks, Xos was a natural partner for us.”

With Foley, the Xos dealership network now comprises five dealers across North America and over 50 dealership locations.

Xos x Foley dealership agreement

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 Investor Relations

Xos Media Relations

About Foley
Foley Industries – Foley Equipment, Foley Power Solutions, Foley Rental and SITECH Central – is in its ninth decade of empowering progress for Kansas and Western Missouri customers. Foley’s 1,200+ employees strive every day to safely deliver excellence in service, parts, rental, and sales across a broad line of Caterpillar and Allied Construction equipment and power generation, SITECH construction technology solutions, and multiple lines of zero-emission commercial trucks. For more information, please visit www.FoleyRIG360.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’s expected product deliveries and partnerships. These forward-looking statements may be identified by the words “believe,” “plan,” “project,” “potential,” “seem,” “seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “target,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. 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, (xi) Xos’ ability to service its indebtedness, and (xii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and 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, including Xos’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC on November 10, 2022, 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.

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