Xos, a leading electric truck manufacturer and fleet electrification services provider, has closed its acquisition of ElectraMeccanica Vehicles Corp., a designer and assembler of electric vehicles.

The all-stock transaction is expected to add approximately $48 million to Xos' balance sheet and provide growth capital for the company.

"The growth capital received in the transaction, combined with our reduction of cash burn, provides an important pathway to profitability as we scale deliveries over the next several quarters," said Dakota Semler, CEO and co-founder of Xos.

Record Number of Trucks Delivered

Xos delivered a company record 110 units to fleet customers in the fourth quarter of 2023. The company's customers in 2023 included:

• FedEx Ground

• UPS

• Loomis

• Canada Post

• UniFirst

• Penske

With the addition of ElectraMeccanica's cash balance, Xos said it is well-positioned to continue its growth and meet the increasing demand for zero-emission commercial vehicles.

"We are confident that this acquisition will further strengthen Xos' commitment to operational excellence, customer-focused vehicles, and efficient capital deployment," said Giordano Sordoni, COO and co-founder of Xos.