British electric truck manufacturer Tevva is insolvent
The insolvency of Tevva Motors comes around six months after the failed merger with the Canadian vehicle manufacturer ElectraMeccanica. Since then, Tevva has again contacted a number of investors and listed companies seeking a merger. However, nothing has been finalised yet. According to Tevva Motors, the protection from creditors is now intended to keep its back free to find new investors after all.
A statement issued by the company said: “Despite positive customer interest in Tevva and its products, current global economic conditions have created a challenging environment for electric vehicle startups. As a consequence, we have filed notice of intent to enter administration with the court while the board is pursuing investment that secures the future of the company.”
Tevva has signed contracts with Royal Mail and Travis Perkins to supply vehicles, according to Fleet News. Production of the company’s 7.5-tonne electric trucks began last year at the Tevva plant in Tilbury in the Essex region. The electric truck has a range of 140 miles (225 kilometres) and was originally intended to be supplemented by a version with a hydrogen fuel cell.
Author: Florian Treiß
