15 Sep 21
News

North American fintech buys eLCV maker for $450m

VIA's eLCV for commercial fleets in North America

New York-based financial technology company Ideanomics, known for promoting the automotive industry and supporting its transition to electric vehicles, has announced that it has acquired Utah-based VIA Motors, a manufacturer of eLCVs, trucks and buses.

Under the terms of the deal, VIA will make eLCVs for commercial fleets throughout North America. The company is also researching and developing autonomous trucking technology.

A transformative deal for both companies

In an article on Thomas Insights, Shane McMahon, Ideanomics’ executive chairman, is quoted as saying: “This is a transformative deal for Ideanomics. As we continue to grow into a leader in the commercial EV space, VIA Motors adds valuable brand cachet and an exceptional manufacturing discipline to our portfolio.”

The transaction is worth $450 million and VIA’s shareholders could also receive $180 million worth of stocks, based on the number of vehicles the company manufacturers and sells up to 2026.

Image of a VIA electric van, courtesy of VIA

Authored by: Alison Pittaway