Following ElectraMeccanica’s (SOLO.O) decision earlier this month to withdraw their proposed agreement, British electric truck manufacturer Tevva “re-engaged” with several potential merger partners and declared on Monday that it had several vehicles in production.
With a goal revenue of up to $1.5 billion in 2028, the two businesses declared their intention to join in August. However, Mesa, Arizona-based ElectraMeccanica canceled the deal due to “failures by Tevva to disclose… material information.”
Tevva stated it has given ElectraMeccanica “full and open access” and that it “will be seeking recourse through due legal process.” Tevva has so far garnered roughly $140 million from investors.
Tevva stated that it has “re-engaged with a number of investors and public companies looking for a merger” and was “confident that from these various opportunities it will secure both medium- and long-term financing to complete its business plan.”
In a statement, the company added that it produced several electric 7.5-ton trucks that would soon be sent to customers.
Many EV firms have failed as rising inflation and interest rates have restricted access to finance after receiving billions from investors only a few years ago.
Some businesses have started the bankruptcy process, such as the Swedish manufacturer of electric trucks Volta Trucks, which filed for bankruptcy last week.
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