Xos, Inc. Delivers Three Battery-Electric Stepvans to FedEx Ground Operator In Canada

Cutone Transportation to become first Xos customer based in Canada

LOS ANGELES, June 30, 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 the delivery of three of its 100% battery-electric stepvans to FedEx Ground Operator Cutone Transport Inc. (“Cutone”) in Ontario, Canada during the month of June 2022. FedEx Ground Operators work as FedEx Corporation independent service providers (ISPs). With this delivery, Cutone becomes Xos’ first Canada-based customer.

“We are pleased to continue delivering vehicles to FedEx Ground Operators across North America and helping them meet their sustainability goals and reducing total cost of ownership for their fleet,” said Esther M. Santos, Director of North America Sales for Xos.

“Transitioning from internal combustion engine to battery-electric will offer immense cost savings for us at Cutone,” said Peter Cutone, Owner of Cutone Transport Inc. “We’re excited to roll out the all-electric vehicles from Xos to help us become a more sustainable enterprise while also saving on fuel and maintenance costs.”

With the delivery to Cutone Transport Inc., this brings the total number of FedEx Ground Operators that Xos works with to seven, and Xos vehicles delivered to FedEx Ground Operators to 24.

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.

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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 and the environmental impact and total cost of ownership of Xos’ products. 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 fuel costs for internal combustion engine vehicles and charging costs for battery-electric vehicles, (iv) changes in the industries in which Xos operates, (v) changes in laws and regulations affecting Xos’ business, (vi) Xos’ ability to retain key personnel and hire additional personnel, (vii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (viii) 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.