NEW ALBANY, Ohio, March 3, 2021 /PRNewswire/ -- Commercial
Vehicle Group (NASDAQ: CVGI), a global leader in the creation in
electric systems, has announced a partnership with leading
state-of-the-art commercial electric vehicle manufacturer Xos, Inc.
to develop sustainability initiatives that champion innovation and
best-in-class solutions for growing macro-trends in the
marketplace.
Commercial Vehicle Group Announces Groundbreaking Partnership with
Xos, Inc.
This collaboration represents CVG's commitment to offer
unparalleled products and services to customers in the commercial
trucking industry. Beginning in 2020, CVG started executing an
entrepreneurial plan to diversify its offerings to compete in an
evolving market reflecting trends in e-commerce, last-mile
delivery, and electric vehicle innovation.
CVG's partnership offers Xos, Inc. full-service design and
manufacturing including product sampling, prototypes, schematic
electric system design, testing, and validation to support a
cutting-edge fleet of medium- to heavy-duty, zero-emissions,
electric vehicles.
"We are very happy to be partnering with Xos, Inc. to design and
launch leading technology with the X-Platform 1 within the electric
vehicle industry. The electric vehicle industry is exploding with
new platforms across many vehicle types, and with CVG's storied
expertise, we see our many strengths and natural advantages as a
prime benefit to our partnership. With over 40 years of experience
in helping vehicle makers launch outstanding vehicles quickly, CVG
provides assistance from concept, to prototype, showing our
commitment to our diverse customer base," said CVG President and CEO, Harold Bevis.
"We're thrilled to partner with such a long-standing,
experienced leader in the commercial vehicle space," said Xos, Inc.
co-founder and COO Giordano Sordoni.
"CVG has been innovating for more than two decades, so we look
forward to supporting them as they increase their focus on
electrification and continue leading the path of innovation within
the commercial vehicle space for years to come."
CVG operates in 30 global locations. The company's continued
innovation and engineering expertise allow for CVG to adapt
strategically and invest in new markets. The partnership with Xos,
Inc. and correlating initiatives reflect the company's ability to
innovate with agility in growing markets while maintaining
consistency and dependability across the industry.
About CVG
CVG (through its subsidiaries) is a
diversified industrial company and leading supplier of seating
systems, warehouse automation subsystems, wire harnesses, plastic
parts, and mechanical assemblies for many markets including the
following: trucking, construction, retail, military, bus,
agricultural, and off-road recreational markets. Information about
the Company and its products is available on the internet at
www.cvgrp.com.
About Xos, Inc.
Xos, Inc. is an electric mobility
company dedicated to making fleets more efficient. Xos designs and
develops fully electric battery mobility systems specifically for
commercial fleets. The company's primary focus is on medium- and
heavy-duty commercial vehicles that travel on
last-mile routes, i.e. predictable routes that are 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 cost-efficient on a
total cost of ownership (TCO) basis than their internal combustion
engine and commercial EV counterparts. For more information, please
visit www.xostrucks.com.
Forward-Looking Statements
This press release contains forward-looking statements about CVG
that are subject to risks and uncertainties. These statements often
include words such as "believe", "anticipate", "plan", "expect",
"intend", "will", "should", "could", "would", "project",
"continue", "likely", and similar expressions. In particular, this
press release may contain forward-looking statements about CVG's
expectations for future periods with respect to its plans to
improve financial results, the future of CVG's end markets,
including the short-term and long-term impact of the COVID-19
pandemic on our business, changes in the Class 8 and Class 5-7
North America truck build rates,
performance of the global construction equipment business, CVG's
prospects in the wire harness, warehouse automation and electric
vehicle markets, CVG's initiatives to address customer needs,
organic growth, CVG's strategic plans and plans to focus on certain
segments, completion faced by CVG, volatility in and disruption to
the global economic environment and CVG's financial position or
other financial information. These statements are based on certain
assumptions that CVG has made in light of its experience as well as
its perspective on historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances. Actual results may differ materially from
the anticipated results because of certain risks and uncertainties,
including those included herein and in CVG's filings with the SEC.
There can be no assurance that statements made in this press
release relating to future events will be achieved. CVG undertakes
no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time. All subsequent
written and oral forward-looking statements attributable to CVG or
persons acting on behalf of CVG are expressly qualified in their
entirety by such cautionary statements.
MEDIA CONTACTS
Micah Paldino
Micah@makepbj.com
513.668.7676
Stuart Lindle
Stuart@makepbj.com
513.482.9541
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SOURCE Commercial Vehicle Group, Inc.