XL Fleet to Electrify Ram 2500 and 3500 Heavy Duty Pickup Trucks with Hybrid Electric Upfit Technology

Company Adds World’s Fourth-Largest Automotive Manufacturer Stellantis as its Fourth OEM Partner Platform

Vehicle to Debut at the Advanced Clean Transportation (ACT) Expo Event August 31 – September 1 in Long Beach, CA

XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced it is now offering its hybrid electric drive system for Ram 2500 and 3500 heavy duty pickup trucks. The XLH™ system represents the Company’s first electrification product to be available for Ram Commercial, Stellantis’ (NYSE: STLA) line of commercial pickup trucks.

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XL Fleet's hybrid electric drive system is now available for Ram 2500 and 3500 Heavy Duty pickup trucks (Photo: Business Wire)

XL Fleet’s newest product represents the fourth OEM platform on which its electrification systems are compatible, which also includes hybrid and plug-in hybrid electric drive solutions for Ford, General Motors and Isuzu fleet vehicles. With the Ram 2500 and 3500 heavy duty pickup models added to its hybrid product line, XL Fleet now electrifies four of the U.S.’s top-selling pickup brands, including Ford F-series, Chevrolet Silverado, Ram and GMC Sierra trucks.

With the addition of Stellantis, the world’s fourth largest automaker, and its popular Ram truck and commercial lineup to its roster of OEM partners, XL Fleet continues to diversify its product portfolio to meet a broader range of vehicles, applications and specifications for its fleet customers. Ram pickups are renowned among fleets for their exceptional towing capability, comfort and luxury design, and can now realize significant fuel economy improvements and CO2 emissions reductions with an XL Hybrid electric drive system installed.

“Adding a global leader like Stellantis to our network of OEM partners represents a great milestone for XL Fleet, and provides another world-class platform to our product portfolio for customers,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “The Ram Commercial line of pickup trucks generates significant demand in the fleet industry, and this platform opens attractive new opportunities for our current customers and prospects to electrify their fleet. We continue to execute on our strategy of building the broadest and most diverse network of fleet electrification solutions on the market, while helping customers to immediately move forward on meeting their sustainability goals.”

The XLH hybrid electric drive system is now available for select Ram 2500 / 3500 models with the 6.4L V8 engine and a wide range of wheelbases, cab configurations and drivelines. The XLH system features a high-efficiency lithium-ion battery, inverter and electric traction motor, which helps to propel the vehicle forward during acceleration and captures energy through regenerative braking during deceleration.

As with the rest of the XLH hybrid electric upfit applications, the system requires no external power or charging infrastructure to operate, and all OEM factory warranties remain intact. The XLH system includes XL Fleet’s standard 3-year, 75,000-mile warranty, with extended warranty options available. The systems are also currently available on a wide variety of Class 2-6 vehicles from Ford, Chevrolet, GMC, and Isuzu.

XL Fleet will be displaying an XLH hybrid-equipped Ram 2500 in its booth (#1211) during the Advanced Clean Transportation (ACT) Expo event August 31 – September 1 in Long Beach, CA. For more information on XL Fleet’s full suite of electrification solutions, visit www.xlfleet.com or contact sales@xlfleet.com.

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

About Stellantis

Stellantis is one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions. In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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