Electric truck maker Xos announced it delivered 105 units in the third quarter, including the first “positive gross margin units” it claims “meet or exceed margin performance of legacy diesel trucks on a host of performance metrics.”
Xos says its SV step vans are among the first gross margin positive commercial electric vehicles in the industry.
It credits its proprietary software, long-term battery cell and electronics supply deals, and low manufacturing costs for its performance. The step van has a 140 kWh battery meeting the needs of most last-mile delivery routes, with a longer range 280 kWh step van available for heavier payloads or longer routes.
Xos says the trucks also compete directly against diesel trucks in terms of total cost of ownership, with savings of up to 30-40% in markets where subsidies are available.
“We are proud of achieving a positive GAAP gross margin in the quarter due to the efforts of various teams, including engineering, supply chain, and others. We expect margins will continue to improve and be sustained as the tailwinds and demand for medium-duty EVs grow,” said Liana Pogosyan, acting chief financial officer for Xos.
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