Nxu Achieves Important Milestones in Pivotal Q3 2023
- Cost Management: The Company decreased costs in Q3 2023 while continuing to innovate, made key hires and advanced the technology to deliver its first charging product.
- Product to Market & Revenue Generation: The Company shipped electric vehicle subsystems to a customer and launched its first charging product, the Nxu One Megawatt+ Charging System, generating revenue in Q3 2023 for the first time in the Company’s history.
- Charging Site Expansion: The Company is under contract to purchase land in
Quartzsite, Ariz.for the first megawatt+ charging location on a major highway corridor.
Building on the momentum started in Q3, Nxu aims to further strengthen its position in Q4 by:
- Delivering even more MWh of energy to a growing base of EV customers seeking consistency, reliability and convenience when charging their vehicles
- Continuing the development and growth of the Nxu charging ecosystem
- Progressing on the development of the megawatt+ charging location in
- Remaining lean and execution-driven by continuing to manage costs
- Deploying the second Nxu One Megawatt+ Charging System
“This was a pivotal quarter for us, in the lifetime of the company and as a team. Despite a number of challenges, we reached key goals that point to us becoming an industry leader in developing a robust EV charging infrastructure,” said Nxu Founder, Chairman and CEO
Public field trials of the Nxu One Megawatt+ Charging system are underway at the Company’s facility in
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future areas of focus and expectations for our business. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Nxu’s expectations about its long term growth strategy, future growth trajectory, revenue and operations; Nxu’s technology and alignment with broader trends in the EV market; opportunities presented by electrification; beliefs about the general strength, weakness or health of Nxu’s business; and beliefs about current or future trends in EV battery materials or other markets and the impact of these trends on Nxu’s business. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the
Source: Nxu Inc.