Xos Bolsters Leadership Team with Two New Vice President Hires
30 Agosto 2023 - 10:07AM
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 ContactsXos Investor
Relationsinvestors@xostrucks.com
Xos Media Relationspress@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.
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