LOS ANGELES, Aug. 30, 2023 (GLOBE NEWSWIRE) — Xos, Inc. (NASDAQ: XOS) a leading manufacturer of fully electric, medium- and heavy-duty commercial vehicles, powertrain components, and charging infrastructure, are pleased to announce two new vice president hires to lead the teams of their Byrdstown, TN manufacturing facility.
The company took over the flex manufacturing site as a full in-house facility as part of Xos’ goal to deliver gross margin positive units by the end of the third quarter 2023. Eric Purcell has been hired as VP of Quality and Paul Sivaswamy as VP of Supply Chain.
“We are thrilled to have Eric and Paul join us at this critical juncture,” said Giordano Sordoni, COO & Co-Founder of Xos. “Their combined expertise in quality assurance and supply chain management will ensure that reliable and cost-smart vehicles are built to the highest standards.”
Mr. Purcell brings an extensive background in quality assurance from companies such as Tesla, Lordstown Motors, Gibson and Kia. In his role with Xos’ manufacturing team, he will ensure each vehicle meets key quality standards before leaving the facility. Mr. Sivaswamy’s experience with procurement and supply from Caterpillar, Gilead and Gatik will help ensure that parts are acquired quickly and at competitive prices so vehicles can be delivered on time.
With these experienced professionals on board, Xos is confident they can meet their ambitious goals while providing customers with streamlined and cost-effective solutions to electrify their fleets.
About Xos, Inc.
Xos is a leading technology company, fleet services provider, and original equipment manufacturer of Class 5 through Class 8 battery-electric vehicles. 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 up to 270 miles or less per day. 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 www.xostrucks.com.
Xos Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
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 manufacturing quality, production yields, product deployments and launches; sufficiency of existing cash reserves; customer acquisition and order metrics. 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 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2571e805-3f04-41a6-a7b6-203dbe563293.
