Tevva secures a further USD57m in funding for upcoming 7.5-tonne electric truck
By Bradley Osborne - 29th November 2021
UK / USA – Tevva Motors Ltd, a designer of electric truck concepts based in Chelmsford, UK, has raised USD57m by way of an oversubscribed private placement from new and existing investors, which it will use to fit out its manufactory in London and rapidly scale up production of its new 7.5-tonne electric truck.
Deliveries of the ‘Tevva Truck’ are set to begin in the third quarter of next year, and Tevva intends to increase production capacity to 3,000 vehicles per year by 2023 for domestic and international markets. The company says it has now raised a total of USD70m over the past 12 months in order to finance the production of the new vehicle.
