London, UK: British electric truck maker Tevva has “re-engaged” with possible merger partners following ElectraMeccanica’s decision earlier this month to cancel the planned deal. The two companies announced their planned merger in August, giving Tevva access to US production and targeting revenue of up to $1.5bn in 2028, but Mesa, Arizona-based ElectraMeccanica terminated the agreement.
“The Tevva team was deeply disappointed by this abrupt decision and had no opportunity to respond to ElectraMeccanica’s claims before they went public.” Tevva said in a statement.
Tevva said it has “re-engaged with a number of investors and public companies looking for a merger,” and is “confident that from these various opportunities it will secure both medium- and long-term financing to complete its business plan.” Tevva has a plant in Tilbury, east London, and says it has several 7.5 tonne trucks in production. In a statement it also said it had a number of fully electric 7.5 tonne trucks in production.
“Tevva continues to attract interest from customers in its 7.5-tonne battery-electric truck and the company has held a number of open days and customer demonstrations in recent weeks, including a successful acceptance test with TG Lynes ahead of vehicle handover in December. The Tevva battery-electric truck will be TG Lynes’ first truck for use in central London and the company was highly complementary about the vehicle’s performance. Tevva also has a number of trucks in build for handover to other customers,” Tevva said in a statement.
Many electric vehicle startups that initially attracted investors just a few years ago, are now struggling to raise funds in the face of rising inflation and interest rates. A few have begun bankruptcy proceedings, including Swedish-based electric truck maker Volta Trucks which filed for bankruptcy last week.
