Electric Truck Startup Xos Raises $20 Million To Scale Production
A newly adopted landmark ruling requires more than half of all commercial trucks sold in California to be zero-emissions by 2035. Xos is one of the many startups building electric vehicles that could help companies meet that target.
Xos, formerly Thor Trucks, has developed a skateboard chassis for fully-electric Class 6 trucks. Class 6 trucks are medium-duty commercial trucks with a gross vehicle weight of 19,501 to 26,000 pounds. Its X-Platform is being piloted by UPS and Loomis in some electric step-vans operating in Southern California. It also is developing a Class 8 heavy-duty truck, ET-One, which could be production-ready by the end of this year, according to the Los Angeles Business Journal.
The North Hollywood, Calif.-based startup has recently partnered with automotive supplier Metalsa, and announced a $20 million funding round backed by a group of investors that includes Proeza Ventures, a mobility-focused VC firm backed by the supplier’s holding company. This round, which closed earlier this year but wasn’t announced until this week due to delays caused by the covid-19 pandemic, is the company’s first round of institutional investment. The cash influx will be used to fuel technical operations and scale up production of X-Platform.