Exhibit 99.1 Market Leader Xos Positioned for Strong 2024 by Gross Margin Improvement and Pending Acquisition Full Year Revenue increased 22% year-over-year Strong positive gross margins in the third and fourth quarters of 2023 Entered into a definitive agreement to acquire ElectraMeccanica and significantly strengthen Xos’ balance sheet LOS ANGELES, CA – March 21, 2024 – Xos, Inc. (NASDAQ: XOS) (“Xos” or the “Company”), a leading electric truck manufacturer and fleet services provider, today reported finan ...