Xos and ElectraMeccanica agree to business combination


By Bradley Osborne - 1st February 2024

Xos and ElectraMeccanica agree to business combination

Xos EV stepvan

USAXos Inc, a startup electric truck manufacturer based in Los Angeles, California, has announced a merger with ElectraMeccanica Vehicles Corp – an erstwhile manufacturer of electric three-wheelers based in Mesa, Arizona – which is intended to strengthen the company’s balance sheet and provide capital to grow its business. 

The directors of Xos and ElectraMeccanica have agreed to an all-stock transaction, whereby Xos will acquire all of the issued and outstanding common shares of ElectraMeccanica. In turn, ElectraMeccanica’s shareholders will own approximately 21% of Xos. ElectraMeccanica’s cash balance currently stands at USD48.5m, capital which Xos intends to use in order to scale its business. 

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