VIA Motors Has Been Acquired by Ideanomics

VIA Motors is a company that develops and manufactures electric vehicles and it was recently acquired by Ideanomics.
Written by Serena Aburahma
Reviewed by Kathleen Flear
The
electric vehicle
revolution is ranging and many investors are upscaling to meet the increased demand for these vehicles. Recently, Ideanomics revealed that it had acquired the Orem, Utah—based VIA Motors. 
This deal is valued at $630 million, and it included $450 million as upfront payment and $180 million as future payments related to customer growth and vehicle deliveries.
Jerry
has all the information you need to know about VIA Motors. 

Who is VIA Motors?

VIA Motors is a leader in the development and manufacturing of electric vehicles. This American company was established in 2010. In its early years, the company transformed General Motors vehicles into plug-in hybrids (PHEV).
Today, the company specializes in manufacturing electric vehicles for fleets, utility fleets, extended-range electric trucks, and exportable trucks. It designs and creates commercial electric vehicles for the local and international fleet market. 
VIA Motors has intensive experience in vehicle electrification and continues to create robust business relationships with commercial fleets in the US, Canada, and Mexico.
After being acquired by Ideanomics, the company will make Class 2 to Class 5 commercial electric vehicles, including trucks, cargo vans, and buses. 
According to
INSIDEEVs
, VIA Motors will start making skateboards for Class 2 and Class 3 vehicles in late 2022 or early 2023  and will launch Class 4 and 5 versions in 2024. 
The company is also partnering with an autonomous technology company for the electrification of autonomous trucks for mid-mile and short-haul delivery.
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Why Ideanomics bought VIA Motors

Ideanomics is an electric mobility and Fintech company based in New York. The company has added its list of acquisitions to include VIA Motors. Ideanomics is a key promoter of the transition to electric vehicles, and its recent acquisition of VIA Motors is a significant step in furthering the company's role as a leader in vehicle electrification.
VIA uses a flexible and scalable electric skateboard platform for Class 2, 3, 4, and 5 trucks and vans. It also uses a modular body approach to create a capital-light single design for its drive systems, platforms, and vehicle models. 
Its intellectual property portfolio covers its control systems and proprietary software with embedded telematics and diagnostics to enhance fleet operating costs, routing, and uptime for better life cycle economics.
The acquisition is coming when EVs are trending, and automakers strive to meet the increased demand. Europe and China are enforcing mandatory
low carbon emissions
, increasing the demand for EVs.

What are they planning to do with the company?

According to
VIA Motors
, the company CEO,  Bob Purcell, said the company is transforming mid and last-mile delivery via innovative and affordable commercial EV fleets. 
In the deal, Ideanomics will offer human personnel and financial resources VIA requires for its growth prospects. VIA Motors is glad to join the Ideanomics team and be part of its strategy to launch a new era of electric commercial vehicles and support its long growth strategy.
This deal will enhance the manufacturing of EVs for commercial fleets in North America. VIA Motor's assets include control systems and proprietary software for optimizing commercial fleets. 
According to
Reuters
, the VIA Motors CEO will keep his leadership position, and the company will operate as a distinct entity.
The acquisition is part of Ideanomic's long-term strategy and offers the company a leadership position in the ever-growing EV market to boost the adoption of EVs and increase the company's market share. 
Ideanomics will also assume a full OEM manufacturing ability and synergy with its other operating businesses.
In recent years, Ideanomics has acquired several other companies, including Solectrac, an electric tractor manufacturer, U.S. Hybrid, and Wave, a wireless chargers manufacturer. After approval of the deal, VIA shareholders will own 25% of the merged companies.

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