Electric Vehicle Maker Xos Trucks in Talks With NextGen Acquisition Corp to Go Public

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    Super Harley

    U.S. electric vehicle maker Xos Trucks Inc is…



    NextGen Acquisition (NGAC) is bringing Xos public at a $1.45B enterprise value. Xos is a leading original equipment manufacturer (OEM) in the $100 billion medium- and heavy-duty last-mile commercial electric vehicle market. Xos vehicles have been deployed in field operations since 2019, with a customer base that includes UPS, Loomis, Lonestar, and Wiggins; 6,000+ unit backlog of contracted and optional orders.

    The Company offers Fleet-as-a-Service—a bundled package that provides vehicle ownership services to fleet operators for a fixed monthly fee—in coordination with partners such as DLL Group (financing services) and Dickinson Fleet Services (vehicle maintenance). The Fleet-as-a-Service package aggregates otherwise fragmented fleet service offerings and is projected to significantly increase Xos’ lifetime revenue per vehicle. The company claims to have the lowest total cost of ownership vs. peers. Revenue is expected to be only $16M this year but grow at a 168% CAGR through 2025 along with production and become profitable on an EBITDA basis in 2023 and FCF positive in 2024.

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