ZombieEV/Automotive
What Happened to Xos?
Ticker: XOSSPAC Year: 2021Merger: 2021
Return
-95.0%
Current Price
$0.5
Peak Price
$15.68
Trust Size
$407M
Summary
Electric truck maker for last-mile delivery. UPS was a customer. Crashed 97% as production scaled much slower than projected.
What Happened
Xos merged with NextGen Acquisition Corp II in August 2021. The company builds electric step vans for commercial fleets â FedEx and UPS were customers. But EV truck manufacturing proved much harder to scale than promised. Production was in the hundreds, not thousands. Revenue grew slowly while losses mounted. Stock crashed from $16 to under $1.
Key People
Dakota SemlerCEO & Co-founderâ Young entrepreneur, previously ran fleet management company
Timeline
2021-02
SPAC merger announced
2021-08
Merger completed
2022-06
Delivered only 41 trucks in Q1
2023-01
Stock below $1
2024-01
Still struggling to scale production
Risk Indicators
â ïļ Reverse Split