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Xos, Inc. Announces Strategic Dealership Agreements with MHC

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Xos, Inc.
Xos, Inc.

Strategic partnership establishes sales and service support for vehicles across six targeted states

LOS ANGELES, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of Class 5 through Class 8 battery electric vehicles and powertrains, and provider of charging infrastructure and fleet management software, announced today it has entered into dealership agreements with MHC Xos, LLC (“MHC Xos”), a subsidiary of Murphy-Hoffman Company, LLC ("MHC") formed to operate the MHC Xos dealerships.

As part of its initial rollout, Xos will partner with MHC Xos in seven locations across six states: Colorado, Illinois, Oklahoma, Missouri, Pennsylvania, and Texas. The partnership will address the transportation industry's needs for commercial electric vehicles, improve the Xos customer ownership experience, and offer enhanced support in MHC Xos service areas. MHC service centers will keep on hand a full inventory of replacement parts to ensure customers keep their vehicles on the road and maximize uptime. Any time a driver experiences an issue in the field, MHC Xos services will be contacted for quick, in-field replacements or convenient, efficient fixes. Additionally, there will be dedicated Xos bays at designated locations for service-related needs, providing a value-added service offering to customers.

“We are committed to providing an exceptional experience in every aspect of owning, leasing, and operating an Xos vehicle, from the purchase of the vehicle to on-road maintenance,” said Jessica Savage, Head of Dealership Development at Xos. “Establishing a strategic partnership with the industry-leading MHC team builds upon and enhances our excellent customer service and also allows us to expand into new territories.”

Additionally, the partnership leverages the MHC Xos sales team, who can bring the innovative Xos product line to the end user. As one of the largest dealership networks, MHC has built deep connections in the industry that will complement this endeavor.

“We are pleased to support the future of electrification through this new partnership with Xos and our initial launch of seven locations,” said Rick Walden, Executive Vice President at MHC. “Our sales team will help bring Xos vehicles and offerings to meet customer demand while our service offerings will help support a longer lifetime for Xos trucks, and ultimately, help create a more sustainable standard for commercial transportation.”

About Xos, Inc.
Xos is a leading 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 200 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.

About Murphy-Hoffman Company, LLC
The MHC family of companies have locations across 19 states, with a full-service dealership network of more than 125 locations, including 73 heavy and medium duty truck dealers, 28 MHC Truck Leasing locations, 13 Carrier Transicold locations, six Truck Source locations, four TRP locations and a RoadReady Center and MHC Financial Services. MHC features Kenworth, Volvo, Hino, Ford and Isuzu trucks and Carrier Transicold Refrigeration Units.

To learn more about MHC’s locations, services and standards, visit www.mhc.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, Inc.’s (“Xos”) partnership with MHC Xos, LLC and expected sales and servicing opportunities. 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 the industries in which Xos operates, (iv) changes in laws and regulations affecting Xos’ business, (iv) Xos’ ability to retain key personnel and hire additional personnel, (v) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (vi) 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.

Xos Investor Relations

Xos Media Relations