Allison Transmission and Xos Enter Strategic e-Axle Partnership for the Development of Heavy-Duty Electric Vehicle Platforms
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The Allison eGen Power® e-Axles will be integrated into Xos Class 7 and 8 100% battery-electric commercial vehicles
INDIANAPOLIS — May 10, 2022 – Xos, Inc. (NASDAQ: XOS), a leading manufacturer and services provider of Class 5 through Class 8 battery-electric vehicles, powertrains, charging infrastructure, and fleet management software,
today announced it has entered a strategic partnership with Allison Transmission, Inc. (NYSE: ALSN), the world’s largest manufacturer of commercial-duty, fully-automatic transmissions and leading manufacturer of electric hybrid and fully-electric
propulsion systems, to jointly develop heavy-duty Class 7 and 8 commercial electric vehicles.
Allison has delivered the initial eGen Power e-Axle hardware for integration, validation and testing in heavy-duty vehicle platforms that are designed and built by Xos. Allison will deliver additional eGen Power 100S and 100D units to Xos throughout 2022.
“We founded Xos in 2016 to build electric vehicles that solved the challenges many fleet owners were facing due to rising costs of maintenance and diesel along with increasing emissions regulations, and today we’re proud to have hundreds of
vehicles on the road with nationwide fleets,” said Giordano Sordoni, Chief Operating Officer, Xos. “We’re honored to partner with Allison, a company that has a long history of innovation in the industry, on our common vision to improve
the way the world works through advancing commercial vehicle technology. We believe that Allison’s differentiated e-Axle portfolio combined with its connectivity to fleet customers, established service channel, and reputation for delivering
industry-leading reliability will allow Xos to accelerate our growth while enhancing the value we deliver to our customers.”
“We’re extremely proud to partner with Xos in the development of the next generation of commercial vehicles designed to improve the way fleets operate,” said Alexander Schey, Allison’s Managing Director, Electrification Commercialization
and Strategy. “We are inspired by Xos’ innovative and ambitious yet pragmatic approach to the EV market, and we look forward to leveraging Allison’s extensive testing and validation capabilities and investments as part of our partnership
to bring Xos heavy duty vehicles to market.”
May 10, 2022
Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified
propulsion systems that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach),
motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more
than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis,
Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has approximately 1,600 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
Legal
This press release contains forward-looking statements. The words “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Although forward-looking statements reflect management’s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date the statements are made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: our participation in markets that are competitive; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments, competitive threats and changing customer needs, including with respect to electric hybrid and fully electric commercial vehicles; increases in cost, disruption of supply or shortage of labor, freight, raw materials, energy or components used to manufacture or transport our products or those of our customers or suppliers, including as a result of geopolitical risks, wars and pandemics; global economic volatility; general economic and industry conditions, including the risk of recession; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers or suppliers; the highly cyclical industries in which certain of our end users operate; uncertainty in the global regulatory and business environments in which we operate; the concentration of our net sales in our top five customers and the loss of any one of these; the failure of markets outside North America to increase adoption of fully automatic transmissions; the success of our research and development efforts, the outcome of which is uncertain; U.S. and foreign defense spending; risks associated with our international operations, including acts of war and increased trade protectionism; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to identify, consummate and effectively integrate acquisitions and collaborations; risks related to our indebtedness; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations and risks related to our indebtedness.
SOURCE Allison Transmission Holdings Inc.