EV truck maker Tevva 're-engages' with potential merger partners
© Reuters. FILE PHOTO: 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."
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.
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