Commercial electric vehicle startup Xos Trucks has raised $ 20 million to stimulate production ahead of potential new demand fueled by a landmark California-passed emissions rule that puts zero more than half of all trucks sold in the state must be. Emissions by 2035.
The startup, formerly known as Thor Trucking, raised funds from a group of investors including Proeza Ventures, a mobility-focused VC company backed by Metalsa's holding company, and BUILD Capital Group. In addition to the capital, Xos has also gained some new board members. Rodolfo Elias Dieck from Proeza Ventures and Mark Lampert, a former Daimler manager who is now at Build Capital, have joined the board. Xos has also strengthened its leadership roles, including Kingsley Afemikhe as CFO and Rob Ferber, Tesla's number one employee and scientific director, as CTO.
"We are excited to continue growing our business to bring world-class, last-mile electric vehicles to our customers," said Dakota Semler, co-founder and CEO of Xos Trucks. "Our goal is to provide reliable, affordable and sustainable transportation as the demands on e-commerce have increased and accelerated during the pandemic."
The funds will be used to expand operations and increase production of its electric skateboard chassis, which is designed for Class 6 trucks, the medium-duty commercial vehicles often used in last-mile deliveries in dense urban areas. Known as the X-Platform, this skateboard was designed to meet a wide variety of medium-weight bodies, wheelbases, and range requirements of up to 200 miles. Metalsa, the Mexico-based automotive supplier, helped Xos with the design and supplies components for the chassis.
According to the company, Xos vehicles have been used by UPS on customer routes in the Los Angeles area for the past eight months. Loomis, an existing Xos customer, ordered another 20 trucks in 2019 following a pilot program.