North American fintech buys eLCV maker for US$450m

New York-headquartered financial technology firm Ideanomics is renowned for its investment in the promotion of the automotive industry and its transition to electric vehicles.

The firm has released a statement announcing the acquisition of Utah-based VIA Motors, a  firm specialized in manufacturing eLCVs, trucks, and buses.

As part of the terms of the deal, VIA will make eLCVs for commercial fleets across all of North America. The firm will also continue to work on its research and development projects on autonomous trucking technology.

In a piece published by 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 total value of the deal is US$450 million, with VIA’s shareholders also expected to receive US$180 million worth of stocks, depending on the volume of vehicles the firm is able to manufacture and sells up to 2026.