Collapsed British electric truck manufacturer Tevva Motors, which called in the administrators just days ago, could be sold in the next few weeks to a “potential purchaser”, the company’s joint administrators have revealed.
Tevva Motors entered administration last week, appointing Lee Manning, Cameron Gunn, and Ben Woodthorpe of ReSolve Advisory as joint administrators.
In a statement issued today (10 June) the joint administrators said they are ”working closely with Tevva’s management and are in discussions with a potential purchaser to acquire the business, with a view to completing a transaction in the coming weeks”.
The statement added: ”We will endeavour to maintain all operations as usual in this interim period and we 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: tevvamotors@resolvegroupuk.com where a relevant member of the ReSolve team will be able to assist with any enquiries.”
Tevva revealed in May that it intended to file for the appointment of an insolvency administrator in a bid to buy time to find new investors while under creditor protection.
In a statement issued at the time, the British manufacturer pointed to the impact of global economic conditions on electric vehicle startups as a key factor for its troubles.
The move to seek to appoint administrators in May also came just six months after Tevva’s merger with vehicle manufacturer ElectraMeccanica collapsed amidst accusations by the Canadian vehicle designer that Tevva had failed to disclose “material information”.
Tevva denied the accusation and launched a lawsuit against the company and its chief executive Susan Docherty, seeking redress for the “improper and unmerited purported termination” of its arrangement with the US firm.
Tevva had secured major contracts to supply its electric trucks to Royal Mail and Travis Perkins. Production of the 7.5-tonne electric trucks, which have a range of 140 miles (225 kilometers), began last year at Tevva’s plant in Tilbury, Essex. The company also planned to introduce a version of the truck equipped with a hydrogen fuel cell.
The failed merger with ElectraMeccanica led Tevva Motors to file a lawsuit against the company and its chief executive, Susan Docherty, over allegations related to the termination of the merger agreement. ElectraMeccanica claimed Tevva failed to share “material information”, a claim Tevva denied, asserting that it had provided full access and conducted thorough financial due diligence.
Tevva was founded in 2013 by Asher Bennet, the older brother of former Israeli prime minister Naftali Bennett and an ex-submarine officer in the Israeli navy. The company is based in Tilbury.
