British electric truck maker Tevva has “re-engaged” with a number of possible merger partners following ElectraMeccanica‘s decision earlier this month to cancel their planned deal and said on Monday it has a number of trucks in production.
The two companies announced their planned merger in August, giving Tevva access to U.S. production and targeting revenue of up to USD 1.5 billion in 2028, but Mesa, Arizona-based ElectraMeccanica terminated the agreement citing “failures by Tevva to disclose … material information.”
Tevva, which has so far raised about USD 140 million from investors, said it had provided “full and open access” to ElectraMeccanica and “will be seeking recourse through due legal process.”
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.”
In a statement it also said it had a number of fully electric 7.5 tonne trucks in production to hand over to customers.
After attracting billions from investors just a few years ago, many EV startups have struggled as rising inflation and interest rates have shut off access to funding.
A few have begun bankruptcy proceedings, including Swedish-based electric truck maker Volta Trucks which filed for bankruptcy last week.
