Xos Trucks Raises $20 Million to Produce Electric Delivery Vehicles
Xos Trucks, a commercial electric truck maker, announced Tuesday it has raised $20 million to ramp up production as California tightens emissions control on big rigs and delivery vans.
The North Hollywood-based startup formerly known as Thor Trucking launched four years ago focusing on green delivery trucks. They're already making vehicles for United Parcel Service and armored vehicles company Loomis.
The investment was led by Proeza Ventures, a mobility-focused VC firm backed by the Mexican conglomerate Metalsa's holding company, and BUILD Capital Group.
The company said it will use the funds to scale their X-Platform 1, a skateboard chassis that is used for medium-sized commercial trucks often used for last mile delivery. The Mexico-based auto supplier Metalsa helped design the platform and is providing parts.
"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," said Dakota Semler, co-founder and CEO of Xos Trucks.
California requires half of all commercial trucks sold in the state be zero-emissions by 2035, and all trucks by 2045. And the company is gearing up for the onslaught of demand as large fleet services and transportation companies scramble to comply.
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