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    Home » Blog » Is Xos doing too much at the same time?
    Jobs News Trucking

    Is Xos doing too much at the same time?

    Xos leaks show fourth round of layoffs
    RoosterBy RoosterAugust 18, 2022No Comments3 Mins Read
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    Xos box trucks
    We are almost at the anniversary of the $2 billion dollar SPAC that made Xos famous and some are in fear of their jobs as an internal memo made public by Insider is making the rounds. Image: Xos
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    We are almost at the anniversary of the $2 billion dollar SPAC that made Xos famous and some are in fear of their jobs as an internal memo made public by Insider is making the rounds. So what is going on at the electric vehicle maker that is causing the culling?

    Is it the case of just too much going on at once?

    Insiders at EV truck maker Xos fear layoffs were just the latest sign of trouble, as a bloated product line and competition from Big Auto squeeze the startup https://t.co/Rr9lXI5Kc1

    — Anna MacMillan (@annamacmillan) July 21, 2022
    You can’t carry the whole world in an egg basket, Xos! – Twitter: @annamcmillian

    Special purpose acquisition companies, or SPACs, are not having a very good 2022. There have been quite a few in the headlines about SPACs having financial difficulties. 

    The “SPACsplosion,” as MarketWatch called it, is inverting. We are going from SPACs pouring money into businesses to SPACs hemorrhaging money and shrinking payrolls. 

    Being a laymen in terms of “big business,” I wanted to examine this quote from the  Business Insider article, “The six-year-old Los Angeles-based startup is developing everything from electric last-mile step vans and 18-wheelers to medium- and heavy-duty trucks, along with its own fleet-management software, proprietary-battery tech, and charging infrastructure.” 

    That’s a lot of stuff to be juggling around at one time. The company is designing at least five classes of vehicles, back office software, batteries and chargers all at the same time. A common person, like myself, would see that there are too many eggs in Xos’ basket right now. 

    To quote Elon Musk, “It’s OK to have too many eggs in your basket as long as you have control over the basket.” But does Xos have control over its basket? A fourth culling, right before the first anniversary of the $2 billion nest egg SPAC, shows we might have a leaky basket. 

    Is it time to split Xos into different baskets?

    In my opinion, Xos needs to split itself into separate specialties, or at least divide the nest egg and tell the divisions, “be successful or wither away.” It needs to focus on one thing at a time, be great at it, then add on another project. 

    The “everything-at-once” approach only works for big businesses or governments with near-unlimited budgets and resources. Xos does not have a population to tax into oblivion for their “bridge to nowhere.” 

    Xos boasted it would deliver 2000 vehicles to its contracts with UPS, FedEx, Loomis, Merchant Fleet and others. So far, only 10% of that goal is slated to be met in the second quarter of 2022. 

    Xos is running low on capital, with just over $85 million in the piggy bank as of the Q2 report. It has some options available, with $125 million more via an existing equity-purchase agreement with Yorkville Advisors. Xos has issued $55 million in convertible securities they can pull in as well.

    Let’s see what happens with Xos going into the second half of the year. But I got a bad feeling that the company might be on the naughty list this holiday season. I hate layoffs right before Christmas.


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    Rooster is a 15 year trucking veteran, farm boy, writer, and adventurer. I bring a mix of absolute chaos and down to Earth reasoning to the table. Known to be a little eccentric and have a dire need to get his point across. Beware of flying "Giga-Chugs" and lab coats!!!

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