ElectraMeccanica and Tevva combine forces
EV assembler ElectraMeccanica and medium- and heavy-duty electric vehicle firm Tevva have joined forces to accelerate the growth of the commercial electric truck sector.
The news follows Tevva’s recent delivery of its 7.5t battery-electric truck to commercial fleet customers focused on urban delivery, which is “a critical and high-growth segment of the overall commercial truck market”, the firm said.
The company also supports with a purpose-built, commercial-grade electric battery system, and its future product portfolio is being developed to include a proprietary hydrogen range-extender technology, which delivers a differentiated and sustainable dual-energy solution.
Tevva’s existing 110,000-square-foot EV manufacturing facility in Tilbury, United Kingdom, would be complemented by ElectraMeccanica’s recently-commissioned 235,000-square-foot facility in Mesa, Arizona, which is expected to enable the combined company to scale its production to serve the U.K., European and U.S. markets, they said.
David Roberts, current director of Tevva and anticipated incoming executive chairman, said: “Since Tevva’s founding more than ten years ago, we have focused our engineering and product development capabilities on developing a portfolio of zero-emission commercial vehicles that have generated significant customer interest.
“Our vehicles have undertaken more than 300,000 miles of testing and operating experience in real-world conditions by demanding fleet operators. We are excited to merge with ElectraMeccanica and accelerate the growth of the combined company. Throughout the process, we have been impressed with ElectraMeccanica’s management team and strongly believe that ElectraMeccanica’s complementary assets, skills and capital will further enhance our advantages in this large and rapidly growing market.”
Susan Docherty, Chief Executive Officer of ElectraMeccanica, said: “We are incredibly excited to partner with Tevva given their unique engineering expertise in an essential segment of a large and growing market. We believe this is the right time and Tevva is the right partner with which to pivot from consumer vehicles to commercial vehicles and respond to commercial fleet customer demand for superior, reliable and cost-efficient trucks. The complementary operations of the two companies and our similar values and mission give me complete confidence we can jointly create significant shareholder value. Tevva is extremely well positioned in the U.K. and European market and our world-class manufacturing facilities, combined experienced senior executive team and balance sheet will help take our combined company to the next level.”
Steven Sanders, Chairman of the ElectraMeccanica board of directors, said: “By partnering with Tevva, we are providing our shareholders with a unique opportunity to participate in the accelerated and technology-driven growth prospects of the combined company in ways that also logically extend and leverage ElectraMeccanica’s existing assets and strengths.”
Image courtesy of Tevva
