Allison Transmission and Xos Enter Strategic e-Axle Partnership for the Development of Heavy-Duty Electric Vehicle Platforms
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 more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: risks related to our substantial indebtedness; uncertainty in the global regulatory and business environments in which we operate; our participation in markets that are competitive; the highly cyclical industries in which certain of our end users operate; the failure of markets outside North America to increase adoption of fully-automatic transmissions; the concentration of our net sales in our top five customers and the loss of any one of these; future reductions or changes in government subsidies for hybrid vehicles and other external factors impacting demand; U.S. defense spending; general economic and industry conditions; 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 prepare for, respond to and successfully achieve our objectives relating to technological and market developments and changing customer needs; risks associated with our international operations; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers; our intention to pay dividends and repurchase shares of our common stock; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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.
SOURCE Allison Transmission Holdings Inc.