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Xos Trucks raises $20M to put more of its electric commercial trucks on the road

Xos Trucks raises $20M to put more of its electric commercial trucks on the road

Commercial electrical car startup Xos Trucks has raised $20 million, funding it is going to use to ramp up manufacturing forward of potential new demand fueled by a landmark emissions rule adopted by California that can require greater than half of all vehicles offered within the state to be zero-emissions by 2035.

The startup, which was previously generally known as Thor Trucking, raised the funds from a bunch of traders together with Proeza Ventures, a mobility-focused VC agency backed by Metalsa’s holding firm, and BUILD Capital Group. Xos additionally gained a number of new board members together with the capital. Rodolfo Elias Dieck of Proeza Ventures and Mark Lampert, a former Daimler government who’s now at Build Capital, have joined the board. Xos has beefed up its government ranks as properly, together with hiring Kingsley Afemikhe as its CFO and Rob Ferber, worker primary and science director at Tesla, as its CTO.

“We’re excited to proceed rising our operations to offer best-in-class last-mile electrical autos for our prospects,” stated Dakota Semler, co-founder and CEO of Xos Trucks. “It’s our aim to offer dependable, reasonably priced, and sustainable transportation as the quantity of e-commerce calls for are rising, and have accelerated through the pandemic.”

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Funding might be used to increase operations and scale up manufacturing of its electrical skateboard chassis that’s designed for Class 6 vehicles, the medium-duty industrial autos which can be usually utilized in last-mile supply in dense city areas. This skateboard, generally known as the X-Platform, was designed to accommodate quite a lot of medium-duty our bodies, wheelbases and vary necessities as much as 200 miles. Metalsa, the Mexico-based automotive provider, helped Xos with the design and is offering parts to the chassis.

Xos autos have been utilized by UPS on buyer routes within the Los Angeles space for the previous eight months, in line with the corporate. Loomis, an current buyer of Xos, has order one other 20 vehicles following a pilot program in 2019.

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