ElectraMeccanica terminates merger with Tevva, alleging “multiple incurable breaches” of the agreement
By Bradley Osborne - 20th October 2023
UK / USA – A proposed merger between Tevva Motors Ltd of Tilbury UK and ElectraMeccanica Vehicles Corp of Mesa, Arizona, USA has been terminated, following a 4 October letter published by ElectraMeccanica citing “multiple incurable breaches” of the merger agreement by Tevva.
The American manufacturer – known principally for its line of battery electric three-wheelers (called ‘Solo’) which it recalled at the end of last year – has claimed that Tevva failed to disclose “material information” which came to light following execution of the agreement. The deal was therefore terminated by a unanimous decision of ElectraMeccanica’s Board of Directors.
