• ITVI.USA
    15,839.740
    -5.440
    0%
  • OTLT.USA
    2.799
    -0.007
    -0.2%
  • OTRI.USA
    22.070
    0.480
    2.2%
  • OTVI.USA
    15,836.590
    -10.170
    -0.1%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
  • ITVI.USA
    15,839.740
    -5.440
    0%
  • OTLT.USA
    2.799
    -0.007
    -0.2%
  • OTRI.USA
    22.070
    0.480
    2.2%
  • OTVI.USA
    15,836.590
    -10.170
    -0.1%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
Electric TrucksLast-mile deliveryModern ShipperNewsRecent News

Ideanomics acquires EV maker Via Motors in deal worth as much as $630M

All-stock deal valued at $450 million with $180 million payable on vehicle delivery targets being reached

Electric commercial vehicle maker Via Motors is being acquired by Ideanomics in a deal that values the company at $450 million.

Under the terms, Ideanomics (NASDAQ: IDEX) will purchase Orem, Utah-based Via in an all-stock transaction, with Via stockholders receiving 162 million shares of Ideanomics common stock at a $2.34-per-share valuation as of Aug. 27, 2021. An additional $180 million in an “earnout” could be paid to Via shareholders in Ideanomics stock if VIA meets certain vehicle delivery targets by 2026.

Via shareholders will own approximately 25% of the company, which will operate as a business unit of Ideanomics reporting to Alf Poor, Ideanomics CEO.  Ideanomics is also advancing Via $50 million in financing in the form of a convertible note to fund its growth.

“Via Motors is changing last- and mid-mile delivery with innovative electric commercial vehicles that fleets can afford,” said Bob Purcell, CEO of Via Motors, in a statement. “Combining Via with Ideanomics facilitates significant synergies, while Ideanomics’ financial and personnel resources provide the backing we need to pursue an array of exciting growth prospects we have identified. All of us at Via Motors are delighted to join the team to usher in the new era of electric commercial vehicles and further the long-term growth strategy at Ideanomics.”

Ideanomics is a global company that focuses on the convergence of financial services and industries experiencing technological disruption. It has a mobility division that offers commercial fleets the opportunity to both secure vehicles and secure financing and leasing arrangements, and energy management solutions.

Ideanomics has built its business around electrification and owns and operates Solectrac (electric tractors), Energica (electric motorcycles), Treeletrik (electric mopeds), WAVE (wireless charging), US Hybrid (power conversion systems for electric, hybrid, and fuel cell commercial buses and trucks), Medici Motor Works, MEG, and Silk EV. The company has made more than $1 billion in acquisitions since 2020.

Via produces a skateboard electric chassis that is transformed into Class 2-5 cargo vans, trucks and buses. The company is working with Gatik, a middle-mile autonomous vehicle developer that counts Walmart (NYSE: WMT) and Loblaw Cos. (TSX: L.TO) among its customers, on an electric autonomous vehicle.

“This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics’ market share,” Poor said. “It also provides Ideanomics a full OEM manufacturing capability which is synergistic to our other operating businesses.”

Click for more Modern Shipper articles by Brian Straight.

You may also like:

Social Auto Transport raises $1.5M in seed funding to expand gig economy auto-moving business

Bringg’s collaboration with Uber opens new doors for e-commerce

Walmart to begin drone delivery pilot this summer

Brian Straight, managing editor, Modern Shipper

Brian Straight leads FreightWaves' Modern Shipper brand as Managing Editor. A journalism graduate of the University of Rhode Island, he has covered everything from a presidential election, to professional sports and Little League baseball, and for more than 10 years has covered trucking and logistics. Before joining FreightWaves, he was previously responsible for the editorial quality and production of Fleet Owner magazine and fleetowner.com. Brian lives in Connecticut with his wife and two kids and spends his time coaching his son’s baseball team, golfing with his daughter, and pursuing his never-ending quest to become a professional bowler. You can reach him at bstraight@freightwaves.com.

Leave a Reply

Your email address will not be published. Required fields are marked *

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.