Essex electric truck maker set to appoint administrators
Wed, 15 May 2024 | ADMINISTRATION
An Essex-based company that produces electric trucks has filed a notice of intention to appoint administrators (NOI). Tevva Motors began production of its 7.5-tonne electric truck at its facility in Tilbury last year.
The company’s truck has a range of 140 miles and the company had secured contracts to supply its vehicles to Travis Perkins and the Royal Mail. Its flagship truck was also set to be joined by a version with a hydrogen fuel cell.
In November last year, a proposed merger between the company and US-based vehicle manufacturer ElectraMeccanica collapsed. Tevva Motors said it had filed a lawsuit against the company and its CEO Susan Docherty over “spurious, defamatory allegations” ElectraMeccanica had made to justify the “abrupt termination of a binding merger agreement”.
ElectraMeccanica said that it had terminated the merger as a result of Tevva Motors failing to share “material information”. Tevva denied this claim, saying it had provided “full and open access” throughout the process and “full financial due diligence” prior to the agreement.
The company has since re-engaged with several investors and public companies as it seeks a merger, but has now filed for administration, citing the tough market that electric vehicle startups face.
A company statement read: "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 Motors’ most recent financial accounts at Companies House were filed in May 2022 for the year ending December 31 2020. During that period, the company generated audited revenue of £377,021, compared to unaudited revenue of £1.18 million a year earlier, while incurring a post-tax loss of £4.77 million.
At the time, the company’s non-current assets were valued at £1.8 million and current assets at £7.5 million, while net liabilities amounted to £706,322.
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