Xos Unveils Upgraded Stepvan, Shares 2024 Outlook

Electric truck manufacturer Xos has announced the release of the 2024 Xos SV Stepvan, 2023 financial results, and its outlook for 2024.

2024 Xos SV Stepvan

The 2024 Xos SV Stepvan is now equipped with hill hold, providing drivers with enhanced control on the road, as well as low-speed noise generators to alert pedestrians and other vehicles of the vehicle's presence.

The 2024 model also offers a new tilt and telescoping steering column along with additional heater and AC configurations to cater to extreme weather conditions.

Fleet operators will also have the option to choose from lift-gate-ready kits and multiple tire options.  

"We are thrilled to offer these new features and improvements for the 2024 Xos SV Stepvan," said Semler. "We are confident that these updates will enhance the overall driving experience and make our stepvan even more versatile for a variety of businesses."

The 2024 Xos SV Stepvan is now available for purchase.

2023 Financial Results

Revenue for the full year 2023 improved to $44.5 million from $36.4 million in 2022, the company reported.

Xos achieved positive gross margins in the third and fourth quarters of 2023, while reducing quarterly operating expenses by 43% in two years.

Xos reported deliveries of 283 units to the largest fleets in North America, including FedEx Ground, UPS, Loomis, Canada Post, UniFirst, and Penske.

In January, Xos announced a merger with ElectraMeccanica, makers of the electric three-wheeled, single-passenger Solo.  The all-stock transaction that is expected to include over $45 million in cash to support Xos' ongoing operations.

Xos also announced the updated Xos Hub mobile charging unit, with 280kWh of energy capacity and charging rates of up to 160kW.

"Last year was a year of positive milestones for Xos,” said Dakota Semler, CEO of Xos.

“Our customers continued to demonstrate robust demand for Xos EVs, which resulted in record back-to-back quarters in the second half of 2023. Importantly, we achieved our goal to deliver positive gross margins while substantially reducing operating expenses.”

2024 Outlook

For 2024, Xos expects revenue from $66.7 to $100.4 million with a non-GAAP operating loss of $43.7 to $48.7 million.

The company expects deliveries of 400 to 600 units.