Penske Truck Leasing Adds Xos Stepvan to its Electric Fleet Offering

LOS ANGELES, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading electric truck manufacturer and fleet electrification services provider, today announced has added Xos 100% battery-electric trucks to its fleet. Penske will deploy the trucks with multiple customers in various industries.

"We are very pleased to build on our growing portfolio of all-electric vehicles with the addition of the Xos Stepvan," said Paul Rosa, Senior Vice President of Procurement and Fleet Planning for Penske Truck Leasing.

The vehicles that Penske has added are the Xos Stepvan ("Stepvan"), a 100% battery-electric Class 6 vehicle purpose-built for commercial applications. The Stepvan can travel up to 150 miles on a single charge, features a GVWR of up to 23,000 pounds, and comes in available body sizes of 16’ or 18’. Depending on charger specifications, the vehicle charge time with DC fast charging ranges from 110 to 120 minutes. Additional specifications include a 178-inch wheelbase, 347 kW maximum horsepower, and max torque of 1,737 ft-lbs.

"We’re proud to partner with Penske on their journey to a fully-electric fleet operation," said Dakota Semler, Chief Executive Officer at Xos. "Penske and Xos share similar core values around our commitment to customers and a dedication to excellence, so our partnership is a natural fit. We look forward to building our relationship for years to come."

About Xos, Inc.

Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. 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. The company leverages its proprietary technologies to provide commercial fleets with battery-electric 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, visit .

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About Penske Truck Leasing

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading provider of innovative transportation solutions, Penske operates and maintains more than 440,000 vehicles and serves its customers from more than 940 maintenance facilities and more than 2,600 rental locations across North America. Solutions from Penske include full-service truck leasing, fleet maintenance, truck rentals, used trucks, and a comprehensive array of technologies to keep the world moving forward. Visit  to learn more.

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 include, but are not limited to, statements regarding expectations and timing related to product deployment and customer demand. These forward-looking statements may be identified by the words "believe," "plan," "project," "potential," "seem," "seek," "expect," "anticipate," "estimate," "intend," "strategy," "future," "target," "opportunity," "plan," "may," "could," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. 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) Xos' limited operating history, (iii) cost increases and delays in production due to 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' ability to implement its business plan or meet or exceed its financial projections, (ix) Xos' ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xi) Xos' ability to service its indebtedness, (xii) macroeconomic and political conditions, and (xiii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and 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, 2022 filed with the Securities and Exchange Commission (the "SEC") on March 31, 2023 and Xos' other filings with the SEC, copies of which may be obtained by visiting Xos' Investors Relations website at / or the SEC's website at 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.

A photo accompanying this announcement is available at