Xos Highlights How Its Flexible Manufacturing Strategy Is More Cost and Time Efficient

LOS ANGELES–(COMMERCIAL THREAD) – Xos, Inc., a leading manufacturer of Class 5-8 fully electric utility vehicles (“Xos” or the “Company”) which recently announced a proposed business combination with NextGen Acquisition Corporation ( NASDAQ: NGAC) (“NextGen”), highlighted how its flexible manufacturing strategy, factory management systems and line design will reduce costs, development time and footprint at all stages of the manufacturing process. manufacturing.

For more information on Xos’ flex manufacturing journey, please watch the following short video.

Xos’ flexible manufacturing strategy is an efficient and scalable strategy that leverages the existing facilities and workforce of the company’s strategic partners to assemble vehicles, enabling Xos to increase production efficiently and effectively. in line with market demand. With this strategy, Xos will be able to assemble up to 5,000 vehicles per year per factory at a cost of approximately $ 45 million per factory built, which is approximately 80% less than a traditional automobile manufacturing plant. in large scale. Xos already builds production vehicles at these facilities today.

Xos has established relationships with major global and domestic commercial vehicle manufacturers who provide facilities and labor to assemble its vehicles. Xos has partnered with Metalsa, one of the world’s leading manufacturers of chassis and chassis systems for commercial vehicles, and Fitzgerald Manufacturing Partners, a manufacturing organization in the Southeastern United States.

“Xos uses a flexible manufacturing approach that is lighter and faster than the traditional assembly line approach to manufacturing. The smaller facility footprint and the use of existing facilities and labor allow us to establish each flexible facility in less than a year, and for much less capital than a larger traditional factory. We hope to be able to bring facilities online in line with our backlog and meet real-time market demand ahead of our competitors with longer lead-time manufacturing strategies, ”said Dag Reckhorn, vice-president. president of the manufacturing of Xos. “Our flexible manufacturing approach allows us to fill our customers’ orders faster and with greater profitability. ”

Xos expects to complete its previously announced business combination with NextGen in the third quarter of 2021.

About Xos, Inc.

Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery-powered mobility systems specifically for commercial fleets. The company focuses primarily on medium and heavy utility vehicles that travel on “last mile” routes (ie, predictable routes of less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more profitable on a total cost of ownership (TCO) basis than their internal combustion engine and commercial electric vehicle counterparts. . For more information, please visit www.xostrucks.com.

About NextGen

NextGen Acquisition Corporation is a blank check company whose business objective is to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with a or several companies. NextGen is led by George Mattson, former partner at Goldman, Sachs & Co., and Gregory Summe, former chairman and CEO of Perkin Elmer and vice chairman of the Carlyle group. NextGen is listed on NASDAQ under the symbol “NGAC”. For more information, please visit www.nextgenacq.com.

IMPORTANT LEGAL INFORMATION

Additional information and where to find it

This document concerns a proposed transaction between Xos and NextGen. This document is not a power of attorney or a solicitation of any proxy, consent or authorization with respect to any securities or with respect to the potential transaction and does not constitute an offer to sell or a solicitation of an offer to sell. ‘purchase of securities, nor be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction . In connection with the proposed transaction, NextGen initially filed a registration statement on Form S-4 with the SEC on May 14, 2021, which includes a document that serves as NextGen’s prospectus and proxy circular (the “Statement proxy / prospectus ”). . The proxy circular / prospectus will be sent to all NextGen shareholders. NextGen will also file other documents regarding the proposed transaction with the SEC. Before making a voting decision, investors and holders of securities of NextGen are urged to read the registration statement, the proxy circular / prospectus included therein and all other relevant documents filed or to be filed with the SEC in connection with the proposed transaction as they become available as they will contain important information about the proposed transaction.

Investors and security holders may obtain free copies of the registration statement, the proxy circular / prospectus included therein and all other relevant documents filed or to be filed with the SEC by NextGen via the website maintained by the SEC at www.sec.gov.

Documents filed by NextGen with the SEC can also be obtained free of charge from NextGen’s website at https://www.nextgenacq.com/nextgen-i.html or by written request to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.

Participants in the call for tenders

NextGen and Xos and their respective directors and officers may be considered participants in the solicitation of proxies from the shareholders of NextGen in connection with the proposed transaction. Additional information regarding the interests of such persons and other persons who may be considered participants in the proposed transaction can be obtained by reading the proxy circular / prospectus. You can obtain a free copy of this document as described in the previous paragraph.

Caution regarding forward-looking statements

This press release contains certain forward-looking statements within the meaning of federal securities laws regarding the proposed transaction between Xos and NextGen, including statements regarding the expected timing of the transaction and Xos’ products, customers and markets. These forward-looking statements are generally identified by the words “believe”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity” , “Plan,” “may”, “should”, “will”, “would”, “will”, “will continue”, “will probably result” and similar expressions. Forward-looking statements are predictions, projections and other statements regarding future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. There are many factors that could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to: (i) the risk that the transaction will not be completed in a timely manner or not at all, which may adversely affect the price of NextGen securities, (ii) the risk that the transaction will not be completed before the nextGen business combination deadline and the potential impossibility of obtaining an extension of the business combination deadline if requested by NextGen, (iii) non-compliance with the conditions for the completion of the transaction, including the adoption of the merger agreement by NextGen shareholders, the availability of minimum amount of cash available in the trust account into which substantially all of the proceeds from the initial public offering and private placements of NextGen its warrants have been deposited issued following repurchases by the public shareholders of NextGen and the receipt of certain governmental and regulatory approvals, (iv) the absence of a third party assessment to determine whether or not to proceed with the proposed transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance which could result in the termination of the Merger Agreement, (vii) the effect of the announcement or expectation of the transaction on the business relationships, results of operations and business of Xos generally, (viii) the risks that the proposed transaction will disrupt the current plans and operations of Xos and potential difficulties in retaining Xos employees as a result of the transaction, (ix) the outcome of any legal proceedings that may be brought against Xos or against NextGen in connection with the Merger Agreement or the proposed transaction ée, (x) the ability to maintain the listing of NextGen securities on a national stock exchange, (xi) the price of NextGen securities may be volatile due to a variety of factors, including freezing in competitive and regulated industries in which NextGen plans to operate or Xos operates, variations in operating performance between competitors, changes in laws and regulations affecting the business of NextGen or Xos, the inability of Xos to implement its business plan business or to meet or exceed its financial projections and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturn and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and other risks and uncertainties described in the “Risk Factors” section of NextGen’s registration statement on Form S-1 (File No. 333-248921), the statement of registration on the Form S-4 discussed above, the Management Proxy Circular / Prospectus and other documents filed or may be filed by NextGen from time to time with the SEC. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Xos and NextGen assume no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither Xos nor NextGen gives assurance that Xos or NextGen, or the combined company, will meet its expectations.


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