Xos SPAC Presentation Deck

Volume/Revenue Forecast: Growing Product and Geographic Diversification PRODUCTION VOLUME (BY VEHICLE TYPE) % TAM¹ (1) 0.0% 2023 17 0.0% 0.2% 2022-25 CAGR 154.8% 116 2,007 1.0% 8,715 2.4% 20,427 3.9% 33,674 2020E 2021E 2022E 2023E 2024E 2025E • Projected to deliver approximately 65,000 cumulative vehicles through 2025 ● Drives incremental recurring revenue through Xos' services channel • Heavy-duty trucks projected to become a significant revenue source from Stepvan/Stripped Chassis Chassis Cab Tractor REVENUE (SMM) % Growth ● N/M 2025 $3 2020E N/M 1,864% 2022-25 CAGR 167.9% $14 2021E 343% $271 Source: LMC Automotive. TAM 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. $1,202 147% $2,970 76% $5,219 2022E 2023E 2024E 2025E 2025 ● Projected to exceed $1B of annualized revenue by Q4 2023 International Vehicle sales projected to increase to 11.7% of revenue by International 11.7% Aftermarket 14.8% Fleet-as-a-Service increases to 14.8% of revenue by 2025; recurring and fee based revenue streams at strong margins Confidential and Privileged, Property of Xos, Inc. 32

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