ElectraMeccanica nixes merger with UK\u0027s Tevva, citing \u0027incurable breaches\u0027

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\u003Cp\u003EThe planned merger of ElectraMeccanica Vehicles Corp. and British electric truck-maker Tevva Motors has been called off for what the Vancouver-based company calls “incurable breaches” of the agreement.\u003C/p\u003E

The planned merger of ElectraMeccanica Vehicles Corp. and British electric truck-maker Tevva Motors has been called off for what the Vancouver-based company calls “incurable breaches” of the agreement.

ElectraMeccanica said pursuant to a facility letter between it and Tevva, the company expects the Tilbury-based firm to repay a loan, with interest, no later than next Jan. 2. The merger, announced barely two months ago, was to be an all-stock deal that gave Tevva roughly three-quarters ownership of the combined company, with ElectraMeccanica shareholders holding about 23.5 per cent.

Its ambitious plan was never realized. The Solo had teething problems and only a relative handful were built, some in its original Vancouver facility but most by Zongshen Industrial Group, a Chinese motorcycle and quad-bike maker. The Solo also had trouble getting safety certification. A number were recalled and ElectraMeccanica eventually repurchased its entire production run.

 

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