Xos, Inc. saw its stock rise nearly 12% in Wednesday premarket trading after the electric commercial vehicle maker announced a follow-on purchase order valued at approximately $3 million. The order covers 12 Xos Hub mobile energy storage systems for a leading autonomous fleet operator, supporting the customer's expansion across North America and Europe. This agreement builds on Xos's first Hub deliveries into Europe earlier this year, validating the product's performance across diverse markets and grid conditions.

The Xos Hub allows for the deployment of high-capacity DC fast charging in days rather than years, bypassing the need for permanent grid upgrades, permits, and utility interconnection queues. This capability is critical as the global mobile storage market is projected to grow from $58 billion in 2025 to $156 billion by 2032, driven by grid constraints compelling fleets to find alternatives to traditional infrastructure.

Dakota Semler, Chief Executive Officer of Xos, stated that the order validates the strength of the product and the speed of deployment. He emphasized that the grid was not built for the speed at which fleets are growing, and Xos is positioned to close that gap. The company expects continued demand for Hub units as the operator rolls out autonomous services in additional cities and regions.

Key Details of the Agreement

Market Performance

Xos remains in a strong intermediate-term uptrend, with the stock trading 39% above its 20-day simple moving average of $2.84 and 68.9% above its 200-day simple moving average of $2.34. Momentum indicators remain supportive, with the relative strength index (RSI) at 54.71, suggesting the stock is not yet overbought. Key resistance sits at $8.27, the 52-week high reached in June, while initial support is near $3.16. Xos shares were up 11.73% at $4.00 during premarket trading on Wednesday.