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Xos Breaks the $100K Barrier for High-Powered Mobile Charging with New Hub Approved for $110,000 CORE Incentive

1. Xos Hub approved for $110,000 incentive under California's CORE program. 2. Xos Hub's cost reduced to under $100,000, improving fleet electrification economics. 3. Hub offers robust 282 kWh storage and four DC fast chargers. 4. Adoption facilitates off-road electric vehicle charging in various environments. 5. Major fleets like Duke Energy utilize the Xos Hub for effective charging.

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FAQ

Why Very Bullish?

The CORE approval significantly lowers costs, increasing demand for XOS products. Similar companies have seen stock increases after receiving significant funding or incentives.

How important is it?

The CORE program's financial backing directly impacts XOS's market appeal. As fleets transition to electric, interest in XOS's solutions is likely to surge, bolstering long-term prospects.

Why Long Term?

With increased adoption of the Xos Hub, ongoing revenue from sales and services is expected to grow. Historical trends show that investments in infrastructure lead to sustained market capital growth.

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LOS ANGELES, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS) announced today that the newest version of its mobile charging unit, the Xos Hub™, has been approved for California’s Clean Off-Road Equipment (CORE) Voucher Incentive Project, making it eligible for a $110,000 incentive. This groundbreaking approval means the Xos Hub is now available for under $100,000, less than half the cost of many equivalent DC fast charging systems, which often exceed $200,000. The result is a major leap forward in reducing both capital and operational expenses for fleets transitioning to electric vehicles. With 282 kWh of onboard energy storage and four integrated DC fast chargers, the Xos Hub delivers a powerful, flexible, and transportable charging solution. It can be rapidly deployed without the need for permanent infrastructure or costly utility upgrades, making it an ideal fit for fleets that need charging in multiple or remote locations, or at sites with limited grid power. Some of the nation’s largest fleets and utilities including Caltrans, Duke Energy, Xcel Energy, TECO Energy, and Highland Fleets are already benefiting from the Xos Hub’s ability to enable clean, reliable, and cost-effective charging wherever it is needed. “Securing CORE approval for our most advanced Hub yet is a major milestone in our mission to accelerate fleet electrification,” said Aldan Shank, Director of Mobile Charging. “By getting the cost below $100,000 per unit, we’ve made high-capacity, fast charging easier to deploy than ever before. This changes the economics for off-road fleet operators and removes many of the common obstacles to fleet electrification and charging.” The Xos Hub has already proven its versatility in a range of demanding off-highway environments, including: Seaports, where it powers heavy-duty electric forklifts in container handling and cargo operationsAirports, supporting electric aircraft and ground support equipmentConstruction zones and remote utility worksites, enabling electric construction machinery to operate without relying on fossil fuel generatorsRetail and logistics facilities, charging electric yard hostlers and material handling equipment The CORE program, administered by the California Air Resources Board (CARB), provides point-of-sale discounts to encourage adoption of zero-emission off-road technologies. The program requires no scrappage and offers additional funding for deployments in disadvantaged communities and for small business purchasers. The Xos Hub is ideal for temporary or transportable charging applications such as depots without existing infrastructure, event-based operations, or remote job sites. By combining high-capacity energy storage with rapid charging capability, it helps bridge the infrastructure gap and enables fleets to transition to EVs faster, more affordably, and with fewer operational disruptions. About Xos, Inc.Xos is a leading technology company and manufacturer of Class 5 and 6 battery electric commercial vehicles, powertrains, and advanced charging equipment. In addition to its purpose-built trucks, Xos provides fleet operators with a full suite of charging and software solutions to support the transition to electric. Xos products are designed for last-mile, back-to-base routes of up to 250 miles per day, offering a lower total cost of ownership compared to internal combustion engine vehicles. For more information, visit www.xostrucks.com. Xos ContactsXos Investor Relations investors@xostrucks.com Xos Media Relations press@xostrucks.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bccaad39-c087-44a4-8d08-dfcd04e3f537

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