a20230711form8-kexhibit9

© Copyright Xos Fleet, Inc. 2023. All rights reserved. Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, expectations related to vehicles on the road; and Xos, Inc.’s (“Xos”) long-term strategy and future growth. These forward-looking statements may be identified by the words “believe,” “plan,” “project,” “potential,” “seem,” “seek,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “target,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Xos’ ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) Xos’ limited operating history, (iii) cost increases and delays in production due to supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iv) Xos’ ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos’ business, (viii) Xos’ ability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry, (xi) Xos’ ability to service its indebtedness and (xii) the outcome of any legal proceedings that may be instituted against Xos. All forward-looking statements included in this press release are expressly qualified in their entirety by, and you should carefully consider, the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023 and Xos’ other filings with the SEC, copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations. Non-GAAP Financial Measures The financial information in this presentation has been presented in accordance with United States generally accepted accounting principles (“GAAP”) as well as on a non-GAAP basis to supplement our consolidated financial results. Our non-GAAP financial measures include Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Loss which are defined as follows. “Operating Cash Flow less CapEx (Free Cash Flow)” is defined as net cash used in operating activities minus purchases of property and equipment. “Non-GAAP Operating Loss” is defined as loss from operations adjusted for stock-based compensation, inventory write-downs and physical inventory and other adjustments. “Non-GAAP Gross Loss” is defined as gross loss minus inventory write-downs and physical inventory and other adjustments. We believe that the use of Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Loss reflect additional means of evaluating Xos’ ongoing operating results and trends. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. It is important to note our computation of Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Loss may not be comparable to other similarly titled measures computed by other companies, because not all companies may calculate Operating Cash Flow less CapEx (Free Cash Flow), Non-GAAP Operating Loss and Non-GAAP Gross Loss in the same fashion. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding our operating performance. A reconciliation between historical GAAP and non-GAAP financial information is provided in this presentation. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Xos and other companies, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with Xos, or an endorsement or sponsorship by or Xos. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, ® or © symbols, but such references are not intended to indicate, in any way, that Xos will not assert, to the fullest extent under applicable law, their rights to these trademarks, service marks, trade names and copyrights. Disclaimer 2

© Copyright Xos, Inc. 2023. All rights reserved. NASDAQ: XOS | A leading commercial EV OEM, with a path to profitability 4 Note: Total cost of ownership estimates are for illustrative purposes only and are subject to variation based on a number of factors not fully discussed herein. …enabling fleets to transition to EVs, including: As a leader in EV stepvans and charging infrastructure… …Xos delivers TCO savings, with a path to profitability, supported by regulatory tailwinds… 2023 Stepvan Xos Hub, mobile charging solution Total Cost of Ownership (TCO) savings Xos’ proprietary technology saves fleets money Most fleets see payback times of <5 years, before incentives Path to profitability The 2023 stepvan has Xos on-track to deliver positive gross margin units Regulatory tailwinds California’s mandate requires fleets to buy thousands of EV stepvans by 2025 Stackable federal and state incentives can cover the majority of vehicle costs

© Copyright Xos, Inc. 2023. All rights reserved. Vehicle financing partnership launched Xos started delivering EV Stepvans in 2018 and is committed to making top-tier vehicles for leading fleets 1st Stepvan delivered to a customer 5 2016 2017 2018 2019 2020 2021 2022 2023 Xos founded by 2 fleet operators in LA Development of Class 5 / 6 chassis begins First vehicles delivered to UPS & Loomis Xos Energy Solutions™ launched to support fleet customers’ charging needs Listed on Nasdaq [XOS] Xosphere® fleet management tool launched Follow-on order of 150 units from Loomis secured Launched Next-Generation 2023 Stepvan Launched 2nd Generation Xos Hub™ Stepvans delivered in 2022 Stepvans delivered in 2021 27544 MDXT™ and HDXT™ trucks announced First deliveries to Fedex Ground fleets

© Copyright Xos, Inc. 2023. All rights reserved. BOARD OF DIRECTORS Anousheh Ansari Alice Jackson 6 Leadership Team Burt Jordan George Mattson Stuart Bernstein Ed Rapp Dakota Semler Chairman & CEO Liana Pogosyan Acting CFO Giordano Sordoni COO & Director

© Copyright Xos, Inc. 2023. All rights reserved. Xos is both a vehicle OEM and provider of charging solutions for commercial fleets Truck OEM Scale production of electric commercial vehicles for last-mile, back-to-base fleets that provide Total Cost of Ownership (TCO) and regulatory, and environmental benefits for fleet operators Xos Energy Solutions™ Removing roadblocks to EV adoption via mobile charging units, fixed charging hardware, and turnkey infrastructure services 8

© Copyright Xos, Inc. 2023. All rights reserved. Truck OEM | Xos is an EV leader in Class 5 and 6 Stepvans Light Duty Medium Duty Heavy Duty Specialty Weight Class Class 1 Class 2 Class 3 Class 4 Class 5 Class 6 Class 7 Class 8 Varies GVWR (lbs) <6,000 6,001 – 10,000 10,001 – 14,000 14,001 – 16,000 16,001 – 19,500 19,501 – 26,000 26,001 – 33,000 33,001 – 80,000 Varies Production EV OEMs N/A Legacy Diesel OEMs 9 Current Xos market Planned Xos market

© Copyright Xos, Inc. 2023. All rights reserved. Truck OEM | Xos 2023 SV (Stepvan) 10 The Xos Stepvan is a 100% battery-electric Class 5 vehicle, purpose-built for commercial applications of up to 200 miles*. Features: Sliding Doors, Cup Holders, Jump Seat, Cabin HVAC, AC Chargers (optional), USB Charge Ports (optional), Cooling Fans (optional), Lift Gate (optional), Advanced Driver Assistance System (optional) Battery Options 100 mile (140 kW) 200 mile (280 kW) GVWR 23,000 – 26,000 lbs Payload 10,500 lbs (140kW) 8,000 lbs (280 kW) Charge Rating 350 kW (DC) 22 kW (AC) Add-on Available Wheelbase 178” Propulsion Direct Drive Max Torque 1,696 ft lbs Power 335 Horsepower

© Copyright Xos Fleet, Inc. 2023. All rights reserved. Customer Discovery In-depth evaluation of customer charging needs, existing electrical capacity, and available incentives Xos Energy Solutions™ | In-house team helps customers install fleet charging infrastructure on-time STEP 1 11 Collaborative Design Creation of the charging plan, according to the fleet’s daily operations, that meets driver needs and offers the shortest path to EV deployment STEP 2 Planning & Permitting Support through the municipal permit and utility upgrade planning processes, which can add months to vehicle delivery timelines if not closely managed STEP 3 Construction & Installation Project management of contracting, procurement, and installation of charging equipment STEP 4

© Copyright Xos, Inc. 2023. All rights reserved. 12 Xos Energy Solutions™ | In addition to fixed chargers, the Hub is a mobile solution enabling fleets to go EV today 1. Trickle Charge the Hub throughout the day and during off-peak hours 2. Deploy the Hub wherever fast charging is needed - for capacity augmentation, roadside assistance, or emergency response 3. Charge 5 EVs simultaneously in as little as 1-2 hours 4. Remotely Monitor fleet to optimize charge schedules and perform diagnostics

© Copyright Xos, Inc. 2023. All rights reserved. Manufacturing capabilities ● All vehicles are produced in a 100,000 sqft factory located in Byrdstown, Tennessee ● Current capacity of 2,000 vehicles per year can be expanded to 5,000 vehicles per year via layout changes and a second shift Supply chain resilience ● Xos’ history of scaling vehicle production has enabled long-term supply agreements for critical battery, motor, and power electronic components ● Xos has invested in tools that reduce days of in-process inventory and improve working capital efficiency Quality assurance ● On-site leadership ensures adherence to quality standards and supports a culture of constant improvement Manufacturing, quality, and supply chain management are the core focuses of Xos 13

© Copyright Xos, Inc. 2023. All rights reserved. “Xos vehicles continue to deliver value to our growing fleet by helping us cut back on fuel and maintenance costs while also helping us meet our sustainability goals” VP of Procurement and Fleet “We are continuously working to reduce our environmental impact and transitioning our fleet from diesel to electric is important to us. The vehicles from Xos will help us reduce our overall emission output” EVP of Operations “In 2021, we announced our $2.5 billion commitment to electrifying our fleet and orders of 40,000 electric vehicles to achieve our goal of having 50% of our Mobility fleet electric by 2025 and 50% of our clients' fleets electric by 2030. Partnering with innovative OEMs like Xos helps us to reach this important goal” VP of Fleet Electrification and Sustainability Xos vehicles provide financial and ESG benefits as our customers transition to EVs 14

© Copyright Xos, Inc. 2023. All rights reserved. Xos builds trucks that customers need, is on a path to profitability, and benefits from regulatory tailwinds 161. California ACF regulation requires priority fleets to purchase zero emission vehicles for 10-100% of their fleets Note: Total cost of ownership estimates are for illustrative purposes only and are subject to variation based on a number of factors not fully discussed herein. Sources: California Air Resources Board (CARB); Xos analysis Enabling the mandated transition to EV Recent emission mandates require Xos customers to purchase 1,000s of new units1, while incentives are funding the transition to EVs Market leading path to profitability Xos is positioned to be among the first publicly-traded commercial EV OEMs to deliver positive gross margin units Lower cost of ownership than diesel Xos Stepvans deliver Total Cost of Ownership (TCO) savings before incentives, with payback periods <5 years

© Copyright Xos, Inc. 2023. All rights reserved. Custom battery system Delivers high performance and reliability, supported by in-house battery team In-house software & controls Enables rapid iteration on the most critical EV technologies Xos-built chassis Provides fleets and upfitters with a higher payload and more versatile platform Total Cost of Ownership comparison Based on purchase price, energy/fuel, and maintenance spend over 300k Miles 17 Lower TCO | Xos’ proprietary technology saves fleets money TCO $186k Diesel TCO $232k Freightliner EV >$270k D ie se l FL E V Payback Period < 5 years Total Savings $46K Total Savings $85K N/APayback Period TO TA L C O ST O F O W N E R SH IP LIFETIME MILES Note: Total cost of ownership estimates are for illustrative purposes only and are subject to variation based on a number of factors not fully discussed herein. Sources: U.S. Department of Energy; AAA Fuel price data; Xos analysis

© Copyright Xos, Inc. 2023. All rights reserved. Gross Margin drivers Recent progress Estimated impact Assuming 450 unit production Ongoing efforts Pricing >20% increase in average selling price (ASP) between Q3 2022 and Q1 2023 >$8M Supporting strong ASPs with clear pricing and new options Direct materials & labor Expected >$15K improvement with launch of 2023 Stepvan • Design refinements reduce costs and improve performance • Centralized production in Tennessee improves efficiency and reduces freight costs >$7M Focusing R&D efforts on further cost reductions Simplifying assembly and reducing labor hours per vehicle Overhead Minimized spend via lean manufacturing team and inventory management investments ~$5M Scaling up production to improve leverage of overhead Profitability | The 2023 stepvan has Xos on-track to deliver positive gross margin units 18 Sources: Xos analysis

© Copyright Xos, Inc. 2023. All rights reserved. 19 Regulatory tailwinds | California put a deadline on the EV transition, and other states are expected to follow Thousands of EV stepvans will be needed by 2025 Mandated share of zero-emission vehicles, California stepvan fleets1 1. Based on the ZEV milestones option for milestone group 1 as laid out in the California Advanced Clean Fleets (ACF) regulation for high priority fleets Sources: California Air Resources Board (CARB); Xos analysis California fleet regulations Advanced Clean Fleets (ACF) The Advance Clean Fleets (ACF) rules passed in 2023 by the California Air Resources Board (CARB) require medium-duty fleets, including stepvans, to transition to 100% zero-emission vehicles by 2035 Outside California 14 other states, California, and the District of Columbia signed a pledge for 30% zero-emission fleets by 2030 and 100% by 2050 2025 10% 25% 50% 75% 2028 2031 2033 2035 + 100%

© Copyright Xos, Inc. 2023. All rights reserved. Regulatory tailwinds | Stackable federal and state incentives can cover the majority of vehicle costs Note: Neither Xos, Inc. nor it affiliates render advice on tax or tax matters to clients or potential clients. Nothing in the materials provided constitutes legal, accounting, or tax advice, or a representation that any strategy is suitable or appropriate to your circumstances. Please consult your own legal and tax advisors to determine the laws and analyses applicable to your specific circumstances Sources: U.S. IRS; State websites; Xos analysis 20 Eligible for federal incentives Eligible for state & federal incentives California $85K voucher New York $125K voucher New Jersey $90K voucher Maryland $80K voucherTexas 75% of vehicle & charger cost Utah 75% of project cost Pennsylvania 60% of vehicle cost Oregon 75% of vehicle cost Nevada $90K voucher Massachusetts $60K voucher Colorado 55% of vehicle cost + $40K federal IRA tax credit (~25% of stepvan cost)

© Copyright Xos, Inc. 2023. All rights reserved. ● Xos recently introduced the Next-Generation 2023 Stepvan, a higher performance iteration of our proven stepvan ● Announced the Xos Hub™, a mobile charger that will unlock vehicle deliveries for fleets waiting on permanent infrastructure ● In the quarter, Xos delivered 31 units to leading companies, including Alsco and multiple FedEx Ground independent service providers ● Gross margins improved quarter over quarter from -93% to -19% following strategic price increases, optimization of operations, and direct material cost reductions Q1 2023 | The team remains focused on margin improvements and scaling deliveries 22

© Copyright Xos, Inc. 2023. All rights reserved. Q1 2023 | Financial highlights BALANCE SHEET HIGHLIGHTS ($M) 31 Mar 2023 31 Dec 2022 Inventories $57.0 $57.5 Cash equivalents, restricted cash and marketable debt securities $64.0 $89.3 23 INCOME STATEMENT HIGHLIGHTS ($M) Three Months Ended 31 Mar 2023 31 Mar 2022 Revenue $4.7 $7.0 Gross loss $(0.9) $(6.0) Non-GAAP gross loss $(1.8) $(4.1) Net loss $(24.3) $(24.0) Loss from operations $(20.0) $(26.3) Non-GAAP operating loss $(18.9) $(23.0)

© Copyright Xos, Inc. 2023. All rights reserved. Class 6 / 7 medium-duty chassis cab Provisional specifications: ● Range: 130 - 270 miles ● Max Payload: 14,000 - 20,000 lbs ● GVWR: 23,000 - 33,000 lbs ● Max Torque: 11,285 - 16,595 ft lbs ● Power: 401 - 469 Horsepower Class 8 heavy-duty tractor Provisional specifications: ● Range: 110 - 230 miles ● Max Payload: 54,000 - 56,000 lbs ● GVWR: 36,200 - 53,200 lbs ● Max Torque: 30,535 - 36,583 ft lbs ● Power: 784 - 798 Horsepower Truck OEM | Planned models 25

© Copyright Xos, Inc. 2023. All rights reserved. Condensed consolidated balance sheets 26 March 31, 2023 December 31, 2022 (in thousands, except par value) Assets Cash and cash equivalents $ 36,489 $ 35,631 Restricted cash - 3,044 Accounts receivable, net 6,970 8,238 Marketable debt securities, available-for-sale 27,528 50,648 Inventories 57,007 57,540 Prepaid expenses and other current assets 8,476 8,100 Total current assets 136,470 163,201 Property and equipment, net 17,752 18,581 Operating lease right-of-use assets, net 6,172 6,555 Other non-current assets 1,821 1,599 Total assets $ 162,215 $ 189,936 Liabilities and Stockholders’ Equity Accounts payable $ 3,533 $ 2,896 Convertible debt, current 19,635 26,849 Derivative liabilities 497 405 Other current liabilities 17,168 15,616 Total current liabilities 40,833 45,766 Convertible debt, non-current 19,882 19,870 Earn-out shares liability 616 564 Common stock warrant liability 666 661 Other non-current liabilities 10,467 11,000 Total liabilities 72,464 77,861 Commitment and Contingencies Stockholders’ Equity Common Stock $0.0001 par value, authorized 1,000,000 shares, 169,829 and 168,817 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 17 17 Preferred Stock $0.0001 par value, authorized 10,000 shares, 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively - - Additional paid-in capital 191,820 190,215 Accumulated deficit (101,749) (77,418) Accumulated other comprehensive loss (337) (739) Total stockholders’ equity 89,751 112,075 Total liabilities and stockholders’ equity $ 162,215 $ 189,936

© Copyright Xos, Inc. 2023. All rights reserved. Condensed consolidated statements of operations and comprehensive loss 27 Three Months Ended March 31, (in thousands, except per share amounts) 2023 2022 Revenues $ 4,697 $ 7,031 Cost of Goods Sold 5,574 13,030 Gross (Loss) (877) (5,999) Operating Expenses General and administrative 11,599 11,322 Research and development 5,749 6,949 Sales and marketing 1,804 2,028 Total Operating Expenses 19,152 20,299 Loss from Operations (20,029) (26,298) Other (expense) income, net (4,151) 81 Change in fair value of derivative instruments (97) (435) Change in fair value of earn-out shares liability (52) 2,624 Loss before provision for income taxes (24,329) (24,028) Provision for income taxes 2 2 Net Loss $ (24,331) $ (24,030) Other comprehensive (loss) Marketable debt securities, available-for-sale Net unrealized gain (loss), net of tax of $0, for the three months ended March 31, 2023 and 2022 402 (826) Total comprehensive (loss) $ (23,929) $ (24,856) Net loss per share Basic $ (0.14) $ (0.15) Diluted $ (0.14) $ (0.15) Weighted average shares outstanding Basic 168,829 163,165 Diluted 168,829 163,165

© Copyright Xos, Inc. 2023. All rights reserved. Reconciliation of operating cash flow less CapEx (free cash flow) and non-GAAP operating loss 28 Three Months Ended March 31, (in thousands) 2023 2022 Net cash used in operating activities $ (15,326) $ (31,304) Purchase of property and equipment (253) (2,998) Free-cash flow $ (15,579) $ (34,302) Operating Cash Flow less CapEx (Free Cash Flow): Three Months Ended March 31, Three Months Ended December 31, (in thousands) 2023 2022 2022 Loss from operations $ (20,029) $ (26,298) $ (25,919) Stock-based compensation 2,012 1,391 1,471 Inventory reserves (471) 1,064 361 Physical inventory and other adjustments (453) 830 4,584 Non-GAAP operating loss $ (18,941) $ (23,013) $ (19,503) Non-GAAP Operating Loss:

© Copyright Xos, Inc. 2023. All rights reserved. Reconciliation of non-GAAP gross loss 29 Three Months Ended March 31, Three Months Ended December 31, (in thousands) 2023 2022 2022 Gross loss $ (877) $ (5,999) $ (7,975) Inventory reserves (471) 1,064 361 Physical inventory and other adjustments (453) 830 4,584 Non-GAAP gross loss $ (1,801) $ (4,105) $ (3,030) Non-GAAP Gross Loss: