Xos Trucks Raises $20M to put more of its Electric Commercial Trucks on the Road

Commercial electric vehicle startup Xos Trucks has raised $20 million, funding it will use to ramp up production ahead of potential new demand fueled by a landmark emissions rule adopted by California that will require more than half of all trucks sold in the state to be zero-emissions by 2035.

The startup, which was formerly known as Thor Trucking, raised the funds from a group of investors including Proeza Ventures,  a mobility-focused VC firm backed by Metalsa’s holding company, and BUILD Capital Group. Xos also gained a few new board members along with the capital. Rodolfo Elias Dieck of Proeza Ventures and Mark Lampert, a former Daimler executive who is now at BUILD Capital, have joined the board. Xos has beefed up its executive ranks as well, including hiring Kingsley Afemikhe as its CFO and Rob Ferber, employee number one and science director at Tesla, as its CTO.

“We’re excited to continue growing our operations to provide best-in-class last-mile electric vehicles for our customers,” said Dakota Semler, co-founder and CEO of Xos Trucks. “It’s our goal to provide reliable, affordable, and sustainable transportation as the volume of e-commerce demands are increasing, and have accelerated during the pandemic.”

Funding will be used to expand operations and scale up production of its electric skateboard chassis that is designed for Class 6 trucks, the medium-duty commercial vehicles that are often used in last-mile delivery in dense urban areas. This skateboard, known as the X-Platform, was designed to accommodate a variety of medium-duty bodies, wheelbases and range requirements up to 200 miles. Metalsa, the Mexico-based automotive supplier, helped Xos with the design and is providing components to the chassis.

Xos vehicles have been used by UPS on customer routes in the Los Angeles area for the past eight months, according to the company. Loomis, an existing customer of Xos, has ordered another 20 trucks following a pilot program in 2019.

Source: TechCrunch, Kristen Korosec

Link: https://techcrunch.com/2020/08/18/xos-trucks-raises-20m-to-put-more-of-its-electric-commercial-trucks-on-the-road/

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