Today: Feb 14, 2025

Tevva Motors to Forge Ahead After ElectraMeccanica Merger Falls Through

1 year ago

In the wake of the sudden cancellation of its merger agreement with Canadian vehicle manufacturer ElectraMeccanica Vehicles Corp, Tevva Motors, the British electric and hydrogen truck manufacturer, remains unwavering in its commitment to emerge stronger and continue its journey of growth.

ElectraMeccanica’s decision to withdraw from the deal was primarily attributed to alleged lapses in Tevva’s disclosure of vital information. In response, Tevva has swiftly re-engaged in discussions with potential investors and public companies seeking merger opportunities.

A statement released by Tevva conveyed the profound disappointment felt by the team, as they were not granted an opportunity to respond to ElectraMeccanica’s claims before they were made public. The statement further highlighted Tevva’s unwavering cooperation, providing full and open access to ElectraMeccanica’s advisors and management at every phase of the process, including rigorous financial due diligence before finalizing the agreement. Tevva firmly refuted the basis on which the merger was terminated, announcing its intention to pursue legal remedies.

Tevva is poised to provide a formal response to counter ElectraMeccanica’s claims through its advisory team. The termination of the merger has sparked Tevva into action, with well-defined plans to regroup and emerge from this experience even stronger. To this end, the company has initiated a restructuring of its leadership team, with David Roberts taking the helm as CEO and Ken Scott stepping into the role of managing director under the guidance of Chairman Ian Harnett.

Tevva is resuming discussions with several investors and public companies, actively seeking merger opportunities. The company is confident in its ability to secure both medium and long-term financing, facilitating the realization of its business plan, which includes commercialization and expansion of sales.

Despite the challenges encountered, Tevva continues to attract interest from customers for its 7.5-tonne battery electric truck. The company has hosted open days and customer demonstrations, including a notable event involving TG Lynes, a supplier to mechanical services, heating, plumbing, and air movement industries. TG Lynes is on track to take delivery of the Tevva truck in December for use in central London.

Under the now-canceled merger plans with ElectraMeccanica, the combined entity was slated to operate under the Tevva name from a new headquarters in Delaware, USA. The merger was poised to integrate Tevva’s existing EV manufacturing facility in Tilbury, United Kingdom, with ElectraMeccanica’s recently-commissioned facility in Mesa, Arizona, aiming to enhance production capacity and cater to markets in the UK, Europe, and the USA.

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