EV truck maker Tevva 're-engages' with potential merger partners

📆 23/10/2566 6:24:00
📰 Reuters

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British electric truck maker Tevva has 're-engaged' with a number of possible merger partners following ElectraMeccanica's (SOLO.O) decision earlier this month to cancel their planned deal and said on Monday it has a number of trucks in production.

Engineers at electric maker Tevva work on a pre-production prototype truck at the startup's UK plant in Tilbury, Britain, January 14, 2022. Picture taken January 14, 2022. REUTERS/Nick Carey

The two companies announced their planned merger in August, giving Tevva access to U.S. production and targeting revenue of up to $1.5 billion in 2028, but Mesa, Arizona-based ElectraMeccanica terminated the agreement citing "failures by Tevva to disclose ... material information." Tevva said it has "re-engaged with a number of investors and public companies looking for a merger," adding it was "confident that from these various opportunities it will secure both medium- and long-term financing to complete its business plan."

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