Xos SPAC Presentation Deck

Large and Growing Last Mile Market for Electric Vehicles Xos focuses on the medium- and heavy-duty last mile commercial segments where the electrification opportunity is sizable and growing. US MARKET 34% INTERNATIONAL MARKET 66% $100B¹ GLOBAL LAST-MILE MD & HD TRUCK SALES UNITS OPERATING ON ROUTES < 200 MILES PER DAY (%) MEDIUM-DUTY 100% HEAVY-DUTY $34B U.S. LAST-MILE MD & HD TRUCK SALES ~20% Both last-mile delivery and electrification of this segment are growing at a rapid pace. 35% CAGR¹ Electric vehicle sales in Xos' target market through 2040. ~34% Decline in average route length since 2000. The growth of e-commerce is driving fulfillment centers to locate closer to customers, resulting in an increased number of last-mile routes. Source: LMC Automotive, ATA, BMO Capital Markets, BloombergNEF, NACFE and Oak Ridge National Laboratory (7) Reflects Xos assumed average selling price applied to medium-duty and 20% of heavy-duty commercial truck sales assumed to be used for last mile applications and excludes China. Confidential and Privileged, Property of Xos, Inc. 13

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