Merchants Orders Fully Electric Step Vans from Xos, Inc.

• New commitment to purchase Xos EVs moves Merchants Fleet closer to 50% electrification of mobility fleet portfolio by 2025, 50% electrification of its managed fleet portfolio by 2030.
• Offers electrification option for Merchants’ last mile and delivery clients
• Merchants has committed over $2B to fleet electrification, with intent to buy more than 40,000 electric vehicles
• The new Xos Electric step vans will be deployed in 2022

Xos, Inc (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced a strategic partnership with Merchants Fleet, the nation’s fastest growing fleet management company. The partnership will enable Merchants Fleet to continue to expand its offering of electric fleet vehicles with an intent to buy EV step vans from Xos, Inc. The first 10 step vans are expected to be delivered to Merchants Fleet in 2022.

The electric Xos step van is designed to accommodate an extensive variety of medium-duty bodies, making it an ideal solution for Merchants’ extensive portfolio of last mile delivery clients throughout North America.

“Merchants is eager to partner with emerging OEMs like Xos, who are innovative and making a significant impact in the industry,” said Hari Nayar, Merchants Fleet Director of Electrification and Sustainability. “Adding Xos step vans to our fleet provides our clients with a durable, reliable, and cost-effective option, especially for last mile delivery services.”

Merchants is driving fleet electrification throughout North America, aiming to have 50% of its mobility fleet electric by 2025 and 50% of its clients’ fleet electric by 2030. As part of its ‘Electrify Fleet’ initiative, the company has also launched a comprehensive Adopt EV program, designed to help guide businesses through each step of the fleet electrification process—from assessing needs to purchasing the right vehicles, to charging options and infrastructure support.

Xos recently attended Merchants’ 2021 Fleet Summit in September, which drew more than 200 fleet experts from around the country, to discuss electrification and the future of fleet. Xos step vans were displayed at the event, where clients had the opportunity to experience the fully-functional vehicles in person.

“We are thrilled to partner with Merchants Fleet and provide them with a superior alternative to traditional fossil fuel vehicles,” said Jose Castaneda, Xos Vice President of Business Development. “The need for clean fleet and logistics solutions is gaining momentum as both the public and private sector are moving towards a net zero carbon economy.”

About Merchants Fleet

Merchants Fleet is the nation’s fastest growing fleet management company, providing flexible funding and service options for organizations that leverage vehicles to run their operations, serving as a single source for all vehicle needs, including electric vehicles. From financing and charging to maintenance and remarketing, Merchants has collaborated with dozens of OEMs, charging, data and upfit partners to ensure every client is connected to the service, technology platforms, and products that will support their fleet in making the transition to EV. Merchants Fleet is headquartered in Hooksett, New Hampshire, and its Innovation Center is located in the Chicago, Illinois area.

About Xos, Inc.

Xos, Inc. is an electric truck OEM and Fleet-as-a-Service provider dedicated to decarbonizing commercial transportation. Xos designs and develops battery-electric trucks, powertrains, and battery systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles 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 and commercial EV counterparts. For more information, please visit www.xostrucks.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “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 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, Inc.’s (“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 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’ inability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (xi) 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’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2021 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.

Merchants Fleet Media Contact
Matt Conroy
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646-502-3563

Xos Media Contact
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