Tevva to merge with US electric vehicle firm ElectraMeccanica

Tevva is set to merge with US-based ElectraMeccanica to create a global electric truck business.

The combined company will operate under the Tevva name from a new HQ in Delaware, USA.

Tevva’s existing 110,000-square-foot EV manufacturing facility in Tilbury, United Kingdom, would be complemented by ElectraMeccanica's recently-commissioned 235,000-square-foot facility in Mesa, Arizona, which is expected to enable the combined company to scale its production to serve the UK, European and US markets.

British electric van firm, Arrival, abandoned its plans to build vehicles in the UK, last year, when it announced a move to the US.

David Roberts, director of Tevva, said: “Since Tevva's founding more than ten years ago, we have focused our engineering and product development capabilities on developing a portfolio of zero-emission commercial vehicles that have generated significant customer interest.

"Our vehicles have undertaken more than 300,000 miles of testing and operating experience in real-world conditions by demanding fleet operators. We are excited to merge with ElectraMeccanica and accelerate the growth of the combined company. 

"Throughout the process, we have been impressed with ElectraMeccanica's management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market.”

It is anticipated that Roberts will become executive chairman of the new business.

Upon the closing of the proposed transaction, ElectraMeccanica shareholders will own 23.5% of the combined company and Tevva shareholders will own 76.5% of the combined company.

ElectraMeccanica built and sold the Solo, a three-wheeled compact electric car, until March 2023. The model was discontinued after the company issued a recall of every model made since 2019, due to a manufacturing defect.