E-truck manufacturer Tevva reportedly filed for insolvency and looking for new investors
“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”, stated the British company.
According to some press reports, British electric truck manufacturer Tevva Motors is insolvent. The company has just delivered a 7.5 ton electric truck to heating, plumbing and air movement materials supplier TG Lynes, which started using the vehcile around the streets of London.
Six months ago, Tevva was about to merge with Canadian e-vehicle manufacturer ElectraMeccanica. It would have been an important step to ensure a bright future to the company, although the merger was canceled, and Tevva was forced to go into court right after. Later on, no further mergers were finalized, and now Tevva needs protection to try and find new investors to keep on producing electric trucks.
Tevva statement about insolvency
Indeed, Tevva is producing its 7.5 ton e-truck, with 227 km range, in Tilbury, Great Britain. The company has plans to equip its trucks also with hydrogen-powered range extenders. In response to the recent news, Tevva stated: “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.”
