Xos, Inc. Announces Battery Reconditioning Partnership


LOS ANGELES, September 23, 2021 (GLOBE NEWSWIRE) – Xos, Inc. (NASDAQ: XOS), a leading manufacturer of Class 5 to Class 8 fully electric utility vehicles, today announced a strategic collaboration with Cox Automotive Mobility to take advantage of the automotive service provider’s electric vehicle battery remanufacturing capabilities for Xos battery packs.

Keen to be the best end-to-end guardian for the future of electric vehicles, Cox Automotive Mobility has announced a fundamental investment in its new electric vehicle battery service network with the acquisition of Spiers New Technologies (SNT) in Beginning of the month. Xos is working with Cox Automotive to send its end-of-life battery packs to one of the EV battery service centers operated by Cox Automotive Mobility and Spiers New Technology for refurbishment and preparation for secondary use, in order to supporting the sustainability of Xos. goals and extend the life of Xos products.

“Battery refurbishment is a critical part of our strategy to help reduce our overall carbon footprint, save on labor costs, and ultimately help us build the most sustainable and efficient electric vehicles. reliable on the road, ”said Rob Ferber, Xos CTO. . “We are delighted to begin working with Cox Automotive Mobility, which is known as one of the leading providers of electric vehicle battery life cycle management services in the United States, with strong partnerships with automotive OEMs and extensive experience in remanufacturability. “

“Cox Automotive Mobility, Spiers New Technologies and Xos share a common mission in supporting practices that allow the extension of the life cycle of an EV battery, such as reuse and end-of-life recovery treatments,” said said Lea Malloy, EV battery manager. Solutions from Cox Automotive Mobility. “By leveraging SNT’s leadership position and utilizing our nationwide network of electric vehicle battery service centers, we look forward to helping to responsibly manage Xos vehicle batteries, limiting waste and by giving them a second life. “

About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to decarbonizing commercial truck fleets. Xos designs and manufactures fully electric utility vehicles at competitive prices. The company focuses primarily on medium and heavy-duty utility vehicles that cover the last mile, return-to-base routes of 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 effective on a total cost of ownership (TCO) basis than their commercial internal combustion engine and EV counterparts. . For more information, please visit xostrucks.com.

About Cox Automobile
Cox Automotive Inc. makes it easy for everyone to buy, sell, own and use vehicles. The more than 27,000 team members and family of brands of the global company, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services®, Kelley Blue Book®, Mannheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car buyers, 40,000 auto dealer customers across five continents and many more in the auto industry to prosper for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately held Atlanta-based company with annual sales of nearly $ 20 billion. www.coxautoinc.com

Caution regarding forward-looking statements
This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding Xos and Cox Automotive’s battery refurbishment plans and capabilities. These forward-looking statements are generally identified by the words “believe”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity” , “Plan,” “may”, “should”, “will”, “would”, “will”, “will continue”, “will probably result” and similar expressions. Forward-looking statements are predictions, projections and other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. There are many factors that could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to: (i) the effect of the announcement of the public listing of Xos on business relationships, results of operations and the company in general, (ii) the risks that public listing will disrupt Xos’ current plans and operations, (iii) the outcome of any legal proceedings that may be committed against Xos, (iv) the ability to maintain the listing of the securities of Xos on a national stock exchange, (v) the price of the securities of Xos may be volatile due to various factors, including changes in industries within which Xos operates, variations in operational performance between competitors, changes in laws and regulations affecting Xos ‘activities, Xos’ inability to implement its business plan areas or meet or exceed its financial projections and changes in capital structure, (vi) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities, and (vii) the risk of a slowdown and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in other documents filed by Xos from time to time with the SEC. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Xos gives no assurance that he will meet his expectations.

Contacts

Xos Investor Relations
[email protected]

Xos Media Relations
[email protected]


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