Xos, Inc. (XOS) has released an update.
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Xos, Inc., a leader in electric truck manufacturing, has announced the completion of its all-stock acquisition of ElectraMeccanica, a move poised to enhance its balance sheet by $48 million and provide significant growth capital. This strategic move is set to propel Xos towards profitability with an emphasis on scaling deliveries and achieving positive cash flow. The acquisition, which results in former ElectraMeccanica shareholders owning 21% of Xos, reinforces the company’s dedication to meeting the surging demand for zero-emission commercial vehicles.
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