Investor

Presentation

Update

JANUARY 30, 2022

DISCLAIMER

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, statements regarding projected and preliminary and unaudited financial and performance information for the fourth quarter of 2021, expectations and timing related to manufacturing and engineering, and Xos, Inc.'s ("Xos") long-term strategy and future growth. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. 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 presentation, 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 and (xi) the outcome of any legal proceedings that may be instituted against Xos. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading "Risk Factors" included in Xos' Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the "SEC") on November 12, 2021 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.

02

© Copyright Xos Inc. 2022. All rights reserved.

DISCLAIMER CONTINUED

Non-GAAP Financial Measures

This presentation includes guidance presented in accordance with United States generally accepted accounting principles ("GAAP") as well as on a non-GAAP basis. Our non-GAAP guidance includes Non-GAAP Operating Loss, which is defined as operating loss adjusted for stock-basedcompensation.

We believe that the use ofNon-GAAP Operating Loss reflects an additionalmethod of evaluating Xos' ongoing operating results and trends. Our presentation ofthis measure should not be construed as an inference that our future results will be unaffected by unusual or non-recurringitems. It is important to note ourcomputation ofNon-GAAP Operating Loss may not be comparable to other similarly titled measures computed by other companies, because not all companiesmay calculateNon-GAAP Operating 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.

This guidance is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort because of the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP measures. For example, stock-based compensation is unpredictable and can fluctuate significantly each quarter.

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.

03

© Copyright Xos Inc. 2022. All rights reserved.

Business principles

Transitioning fleets in targeted high-growthmarkets from ICE1 to electric with purpose-built technology.

Medium and heavy duty last-mile fleets are optimally positioned for electrification and present a valuable target market with manageable infrastructure requirements.

Xos core offering of purpose-built vehicles, fleet management software, and charging infrastructure is driving adoption.

© Copyright Xos Inc. 2022. All rights reserved.

Our mission is to decarbonize transportation with reliable electric trucks and the tools to adopt them.

© Copyright Xos Inc. 2022. All rights reserved.