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Wednesday, February 8, 2023

Why Did The XOS Stock Rise Nearly 13% Pre-Hours Monday?

In premarket trading, XOS Inc. (NASDAQ: XOS) shares were up 13.33% to $1.36 on no significant news. XOS stock fell -5.51% to close Friday’s session at $1.20.

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Recent developments in XOS:

Last week, Xos Inc. (XOS) announced that 13 of its 100% battery-electric stepvans had been delivered to four FedEx Ground Operators. Aside from Hidden Arrow Inc. in Niles, Ill., RNR Transport Inc. in Olathe, Kan., Limestone Logistics in Independence, Ky., and SISA Inc. in Pacoima, Calif., FedEx Ground Operators include Hidden Arrow Inc. in Niles, Ill., RNR Transport Inc. in Olathe, Kan.

FedEx Ground Operators across North America, including Canada, are now operating XOS vehicles, which will contribute to FedEx’s carbon neutrality goal by 2040 by reducing emissions.

A FedEx Ground Operator provides parcel pickup and delivery services on behalf of FedEx Corporation. FedEx Corporation has made a commitment to deploying a 100% electric fleet by 2040 and achieving carbon neutrality.

The Zero Emissions Medium and Heavy Duty Vehicle (ZE-MHDV) initiative is exclusively promoted by CALSTART, a national clean transportation non-profit consortium. XOS last month endorsed the ZE-MHDV MOU.

With the endorsement of the Global MOU, Xos supports the joint ambition for 30% of new medium- and heavy-duty vehicles to be zero emissions by 2030, and 100% by 2040, facilitating net-zero carbon emissions by 2050.

As part of its commitment to helping make this happen, XOS recognized the dire need to transition to all-electric vehicles from internal combustion engines. XOS anticipates seeing the impact of the Global MOU and partnering with CALSTART come to fruition as the first step toward real change.

What makes XOS different?

Top fleet customers like FedEx Ground rely on Xos Inc (XOS) to reduce their greenhouse gas emissions, lower their fuel and maintenance costs, and offer their customers a cleaner product and healthier air as a zero-emission commercial vehicle innovation leader. As a leader in the private sector, XOS has played a key role in addressing the climate crisis, as well as raising the bar for global ambition and action in the public sector.

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