The 2024 Xos SV Stepvan Now Available for Incentives on the HVIP Vehicle Catalog

LOS ANGELES, May 02, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), an industry-leading commercial electric vehicle manufacturer, has received official approval from the California Air Resources Board (CARB) for the 2024 Xos SV Battery Electric Stepvan to be listed on the Clean Truck and Bus Voucher Incentive Program (HVIP) catalog. The HVIP incentive, starting at a base amount of $85,000, offers Xos a significant opportunity to provide their innovative 2024 Xos SV Battery-Electric Stepvan at a reduced upfront cost to customers.

Xos is committed to delivering cost-effective electrification solutions and views the HVIP incentive as an essential tool in breaking down the barriers to entry for businesses transitioning to cleaner, electric fleets. With a base HVIP incentive of $85,000 per vehicle, customers stand to make substantial savings on their purchase of a new Xos SV.

"The renewal of the 2024 model of our Xos SV in HVIP is an exciting milestone that underlines our commitment to make electrification more cost-effective for our customers," said Clare Bachman, Manager of Funding and Incentives at Xos. "Since the program first launched, we have a demonstrated track record of assisting our customers in benefitting from the available funding. We are keen to continue to help our customers take advantage of these incentive dollars."

The 2024 Xos SV is designed to be the optimal battery-electric vehicle for key use cases, including parcel delivery, linen and textile services trucks, utility and repair trucks, and armored transport. Its modularity allows for customization to suit a variety of fleet routes and needs.

This HVIP approval reduces the upfront costs of the Xos SV Stepvan, lowering the total cost of ownership and enhancing financial returns for small business owners. Xos’s small business customers with 20 or fewer medium and heavy-duty vehicles in their fleet and an annual revenue cap of $15 million may be eligible to receive a cash on-the-hood discount of around $170,000 or more towards purchasing a 2024 Xos SV. The small fleet base voucher adjustment through HVIP helps position the SV as an increasingly viable option for smaller businesses and contractors seeking to bring the cost of a commercial electric vehicle closer to parity with a diesel alternative.

For more information on how Xos is making electrification more attainable, or to inquire about the HVIP incentive, please visit /incentives.

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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Xos Media Relations

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You should carefully consider the preceding factors and the other risks and uncertainties described in Xos’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Copies of Xos’ SEC filings may be obtained by visiting Xos’ Investors Relations website at  or the SEC’s website at . These filings may 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.

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