An Essex-based electric truck manufacturer, Tevva Motors, has filed a notice of intention to appoint administrators (NOI), signalling financial distress. Despite launching its 7.5-tonne electric truck production in Tilbury last year and securing contracts with Travis Perkins and the Royal Mail, challenges arose. The company also aimed to introduce a hydrogen fuel cell version alongside its flagship truck.

In November last year, a proposed merger with US-based manufacturer ElectraMeccanica fell through, leading to legal disputes over alleged defamatory claims. Despite efforts to engage new investors and pursue a merger, Tevva Motors has now initiated the NOI process, citing the tough landscape for electric vehicle startups.

The decision to file for administration by Tevva Motors occurs against the backdrop of a complex global economic environment that has exerted significant pressure on the electric vehicle sector. Despite sustained interest from customers in the company’s products, Tevva Motors encountered obstacles stemming from various market dynamics. These challenges could range from supply chain disruptions to shifts in consumer preferences or regulatory changes within the industry.

In response to these challenges and in an effort to secure the company’s future viability, the board of Tevva Motors has embarked on a proactive quest for investment. Recognizing the critical importance of financial stability and operational continuity, the board has initiated measures to attract potential investors who could infuse capital and strategic support into the business.

Tevva Motors’ financial accounts for the year ending December 31, 2020, revealed significant revenue discrepancies, with audited revenue at £377,021 compared to £1.18 million the previous year. Despite substantial non-current and current assets, the company reported net liabilities totaling £706,322, highlighting financial strain.

As the company navigates these challenges, stakeholders are closely monitoring developments to ensure the continuity of operations and safeguard the interests of all involved parties.