Xos

Xos (formerly Thor Trucks) develops battery-electric medium and heavy-duty trucks (Class 5–8) for commercial fleets, powertrain components, and charging infrastructure. Its fully electric “X-Platform 1,” can support a range of vehicle bodies and wheelbases while covering up to 200 miles. The company also develops a proprietary air-cooled battery pack system called Lyra Series—Lyra 30 with 30 kWh and Lyra 60 with 60 kWh. Its charging infrastructure offering “Xos Energy Solutions” includes “Xos Hub,” a mobile charging station, and “Xos Serve,” an on-demand infrastructure-as-a-service platform.

Xos has three manufacturing facilities in Los Angeles (California), Unifirst (Tennessee), and Monterrey (Mexico). The latter two combined are capable of producing 2,000 units per year, as of September 2021, with plans to further improve capacity to 5,000 units per year. Xos’ outstanding purchase orders stood at over 550+ trucks as of May 2022. The company has delivered 388+ trucks to customers as of June 2023.

In January 2024 , Xos entered a definitive arrangement agreement to acquire ElectraMeccanica, a Vancouver-based designer and assembler of three-wheeled electric vehicles (EVs), in an all-stock transaction. The proposed transaction will provide ElectraMeccanica’s shareholders with approximately 21.0% of Xos shares, and will be subject to changes as set out in the definitive arrangement agreement. 

Key customers and partnerships

Xos has product partnerships with 1) UPS to jointly develop electric medium-duty trucks (2018—testing its trucks in partnership with customers since early 2020); 2) automatic transmissions and hybrid propulsion systems maker Allison Transmission to produce a purpose-built e-axle (May 2022); and 3) temperature control systems manufacturer Thermo King to co-develop electric refrigeration technology for its trucks (May 2022).

The company also has customer partnerships with several parties including

1) Thompson Truck, a subsidiary of Thompson Machinery, for an initial order of 100 trucks, with plans to order up to 1,000 units over 2021–2024 (February 2021)

2) FedEx Ground to supply 120 trucks over 2021–2022 (August 2021)

3) Route Consultant, a broker and consultant for FedEx Ground contractors, for 40 last-mile delivery trucks by 2022 (December 2021)

4) Southern Glazer’s Wine and Spirits, a distributor of alcoholic beverages, to deliver 10 Class 7 refrigerated beverage trucks by 2022 (December 2021)

5) Merchants Fleet, a fleet management company, to initially supply 10 step vans by 2022 (December 2021)

6) Uniform rental companies UniFirst, Cintas, and Morgan Services to deliver 13 step vans (as of November 2021) and several other customers to supply 350 trucks (in Q1 2022)

7) Penske Truck Leasing, a fleet solution provider, to deliver Class 6 BEV stepvans (  October 2023  ).

The company also has partnerships with supply chain company McLane to pilot 10 HDTX trucks and wholesale beverage distributor Republic National Distributing Company to supply five MDTX trucks (both relieved in May 2022).  It also has received several purchase orders for its fast-charging units from Morgan Linen and other fleet customers (as of November 2022).

In addition, the company has dealer partnerships with Murphy-Hoffman Company (MHC), Yancey, and Gabrielli for sales in the US.