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HVIP Is Back: Here's What California Fleets Need to Know (And Why It Matters Now)

1. California's HVIP offers $85k to $160k for electric trucks. 2. XOS helps fleets secure funding and manage paperwork efficiently. 3. Vouchers awarded on a first-come, first-served basis. 4. XOS has already secured over $50M in incentives nationwide. 5. Urgent planning is needed as funds are limited.

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FAQ

Why Bullish?

The HVIP reopening enhances demand for XOS products, similar to prior funding programs which boosted EV companies.

How important is it?

The announcement directly influences XOS's operational revenue and market positioning, leveraging government support for electrification.

Why Short Term?

The urgency of funding allocation means immediate financial benefits for XOS, akin to trends seen in past incentive periods.

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LOS ANGELES, Sept. 10, 2025 (GLOBE NEWSWIRE) -- (NASDAQ: XOS) - The Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) is officially back, and California fleets have a major opportunity to secure funding for electric trucks. Depending on fleet size, incentives range from $85,000 to $160,000 per Class 6 vehicle, with up to 20 vouchers available per fleet. On September 9, 2025, the California Air Resources Board (CARB) will reopen HVIP, making millions in funding available on a first-come, first-served basis. Program Highlights $85,000 per Class 6 truck for fleets with more than 20 vehicles$160,000 per Class 6 truck for fleets with 20 or fewer vehiclesFleets eligible for the $160,000 small fleet voucher are subject to an all-time cap on how many they can redeem. This cap applies only to vouchers requested after November 2024, any submitted before that date do not count against it.Rolling cap of 20 unredeemed vouchers per fleetFirst come, first served, no reservations or waitlists Why This Matters NowHVIP is one of the most effective tools California fleets can use to cut the upfront cost of electrification. Combined with lower operating expenses over time, these vouchers can make the switch to electric not only possible, but financially compelling. But urgency is critical: funds are limited, and CARB will assign vouchers in the order they’re submitted. Key Program RequirementsTo keep your vouchers active and aligned with delivery schedules, fleets should be aware of: 90-day check-ins: Fleets must revisit delivery timelines every three monthsVoucher renewals: Vouchers can be extended up to 540 days in total, giving time to coordinate charging infrastructure and deploymentsUsage monitoring: CARB requires that funded vehicles are actively deployed and providing value How Xos Supports Your FleetWe make HVIP simple and seamless so your team can focus on operations, not paperwork. Eligibility in minutes: We’ll confirm your fleet qualifiesEnd-to-end paperwork: We manage submissions and all CARB communicationsDeadline management: We handle renewals and ensure vouchers don’t lapseProven track record: Xos has already secured $50M+ in incentives for fleets nationwide Secure Your HVIP Funding Before It’s Gone HVIP funds are available on a first-come, first-served basis, so it’s important to plan ahead and submit early. To initiate a voucher request, a signed Sales Order is required, make sure this step is completed early to avoid missing out. Schedule a call with the Xos team today to lock in your share of HVIP and accelerate your path to electrification. Xos ContactsJorge.mantilla@xostrucks.com

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