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    Home » Blog » Xos lays off 8% of workforce
    FreightTech

    Xos lays off 8% of workforce

    SPAC-created EV company joins list of companies downsizing
    RoosterBy RoosterJuly 8, 2022No Comments3 Mins Read
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    Xos truck
    Xos is in the news after a "fat-trimming" of around 8% of their workforce. - Image: @Xostrucks on Twitter
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    Xos, the manufacturer of battery-powered step vans, or what I call ice cream trucks, has instituted three rounds of layoffs. Over the past few weeks, the Los Angeles-based company has fired 8% of its workforce.

    SPAC is a four-letter word

    The recent EV stock price flop has hurt numerous companies in that arena.  Xos, which trades under the same symbol as its name, has suffered a 77.98% drop in its share price. It fell from its high of $13.18 on February 19, 2021 to the record low of $1.70 on July 1. That was a week after the stock was added to the Russell 3000 Index, a market-capitalization-weighted equity index maintained by FTSE Russell that provides exposure to the entire U.S. stock market.

    #SCOOP: Electric truck startup @xostrucks laid off 8% of its workers less than a year after its $2 billion SPAC deal, the company confirmed to Insider. $XOShttps://t.co/xmFV8ujMRL via @businessinsider

    — Alexa St. John (@alexa_stjohn) July 8, 2022
    Looks like a little fat-trimming at Xos after the EV stock crash – Twitter: @alexa_stjohn

    For the past few Fridays, pink slips have been found hanging throughout the Xos facility. Employees in all departments have been let go by the company – from upper management personnel, such as vice presidents, directors, and managers, down to the workers in engineering, sales, logistics, and supply chain. No one has been safe from the layoffs. 

    Is Xos a sinking ship?

    It appears that Xos is bleeding cash as well. The company reported $7 million in revenue and 56 customer vehicle deliveries in the first quarter, with most headed to FedEx. The company also reported a net loss of $21.2 million and cash and equivalents of $129.7 million. 

    Xos entered into a $125 million standby equity purchase agreement in March with an affiliate of Yorkville Advisors Global, a firm that also has deals with Lordstown Motors and Canoo. Is someone gobbling up the SPAC guppies as they shrink? Yorkville got into some trouble back in 2012, when the SEC smacked the company with fraud charges about a PIPE hedge fund scam. 

    It looks to be making some progress to redeem itself to investors

    However, it looks like a light is at the end of the tunnel for Xos. The company recently made headlines delivering 58 100% battery-powered step vans to Merchants Fleet, a high-growth fleet management company. Xos has also sent trucks to FedEx and Loomis, and entered into a R&D agreement with Allison Transmission to add its “E-Axles” to the Xos powertrain.

    We’ve been providing 100% battery-electric vehicles to leading cash-handling company @Loomis_USA since 2019, and today we’re thrilled to announce we’ve delivered an additional four vehicles to four of their depots in the U.S.#Loomis #Deliveries #GoElectric #Battery pic.twitter.com/RTTJYwqqZk

    — Xos (@xostrucks) July 5, 2022
    The armored car version customized by Loomis looks very much like the gas-powered version – Twitter: @xostrucks


    The agreement with Allison is most interesting to me, as it adds “street cred” to Xos in a similar way the Hyliion/Cummins deal works. Again, we have an EV maker getting a boost from a name brand components manufacturer that can ease worries that a product will not be flopping anytime soon. Could this be the way the SPAC EVs survive the culling that seems to be occurring?


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    Rooster
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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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