Xos, Inc. Secures AUSEV Purchase Order; Marks its first expansion into Australia

LOS ANGELES, July 29 12, 2022 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS), a leading fleet service provider and manufacturer of Class 5-8 battery electric vehicles, today announced it has been awarded a order from AUSEV Pty Ltd (“AUSEV”) for a disassembled chassis and has entered into discussions on setting up a manufacturing and distribution partnership in Australia. Upon receipt of the stripped chassis, AUSEV will work with Xos engineers on design and manufacturing issues specific to the Australian Right Hand Drive (“RHD”) market.

“We are delighted to form partnerships with international companies such as Xos to provide heavy duty vehicles to the RHD market,” said Terry Mulcahy, Head of Future Business at AUSEV.

“Australia presents an exciting growth opportunity for Xos that we look forward to exploring,” said Jessica Savage, Head of Distribution at Xos.

“Establishing RHD electric vehicle manufacturing in Australia is essential, and this partnership looks to the future of that reality,” said Brendan Kenny, Chief Operating Officer at AUSEV.

AUSEV is a subsidiary of Boss Capital Holdings (“Boss Capital”) dedicated to the manufacture and distribution of electric vehicles. For Xos, the partnership will allow it to leverage AUSEV’s presence and expertise in Australia to drive revenue, growth and brand visibility throughout the Oceania region.

About Xos, Inc.

Xos is a leading fleet service provider and original equipment manufacturer of Class 5-8 battery electric vehicles and the tools to adopt them. Xos vehicles and fleet management software are specifically designed for medium and heavy-duty utility vehicles that cover last mile and return-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 effective on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, please visit https://xostrucks.com/.

Xos contacts

Xos Investor Relations

investors@xostrucks.com

Xos Media Relations

press@xostrucks.com

About AUSEV

AUSEV® was created to accelerate the adoption of electric vehicles in Australia, with a focus on RHD 4×4 electric vehicles and has evolved to incorporate not only pickup trucks, but also light, medium and heavy duty trucks. The company is committed to offering an end-to-end solution, including maintenance, charging and fleet management. AUSEV® builds on Boss Capital Holding’s experience in refurbishing and distributing ICE (internal combustion engine) vehicles to now offer OEMs a solution to partially or fully manufacture RHD electric vehicles (EVs) locally in Australia. For more information, please visit https://www.aus-ev.com.au/.

AUSEV Contacts

Von Hosking

pr@bosscap.com.au

Caution Regarding Forward-Looking Statements

This press release may contain “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. (“Xos”) anticipates revenue, growth and brand visibility, as well as collaborations with third parties. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity “, “plan,” “may,” “should,” “will,” “would,” “will,” “will,” “will likely,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to: (i) Xos’ ability to implement business plans , forecasts and other expectations, and to identify and realize additional opportunities, (ii) cost increases and shortages in the supply chain of components required to produce the vehicle chassis and battery system Xos, (iii) changes in the industries in which Xos operates, (iv) changes in laws and regulations affecting Xos’ business, (v) Xos’ ability to retain key personnel and hire additional personnel, (vi) the risk of a downturn and the changing regulatory landscape in the highly competitive electric vehicle industry; and (vii) the outcome of any legal proceedings that may could be brought against Xos. You should carefully consider the foregoing factors and the other risks and uncertainties described under “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 other documents filed by Xos with the SEC, copies of which may be obtained by visiting Xos’ Investor Relations website at https://investors .xostrucks.com/ or the SEC website at www.sec. govt. 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 place undue reliance on any forward-looking statements, and Xos undertakes no obligation and does not intend to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. Xos does not guarantee that it will meet its expectations.

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