On the 6th of June 2024, Tevva Motors appointed administrators to wind up the business. The administrators have indicated that a rescue bid would be considered, but whoever bids for it would need to have a large source or resource available.
For the past 10 months Tevva has found it more and more difficult to continue. Problems started to increase for the innovative company when the deal with ElectraMeccanica collapsed and further resources were spent on the legal implications of that collapse. Searches for new sources of funding proved, in the end, fruitless.
Start-up truck manufacturers who seek large scale production require massive amounts of investment to develop the vehicle and its accompaning technology, then further funding is required to set up manufacturing followed by the need to invest in marketing.
If there is a future for Tevva, then, perhaps it is in small scale, niche vehicles that attract customers who need a specialised truck, not currently being produced by the large truck manufacturers.
STATEMENT FROM ADMINISTRATORS
“Lee Manning, Cameron Gunn and Ben Woodthorpe of ReSolve were appointed on 6 June 2024 as Joint Administrators to Tevva Motors Limited, the British technology company and electric truck manufacturer.
Working closely with Tevva’s management, the joint administrators have signed an exclusivity agreement with a prospective purchaser to acquire the business, with a view to completing a transaction in the coming weeks. We will endeavour to maintain all operations as usual in this interim period and are committed to finding the best possible outcome for Tevva Motors, its employees, creditors and all stakeholders.
As we are still in the early stages of this process, we cannot share any further information at this time. An update will be provided in due course.
For any enquiries about the Administration process, please contact: [email protected] where a relevant member of the ReSolve team will be able to assist.”
