UK – After falling into administration in June, electric truck startup Tevva Motors Ltd of Tilbury, UK has been dealt another blow, with a potential rescue bid collapsing. The administrators (ReSolve Advisory Ltd) announced that after this failure, the majority of the Tevva staff have now been made redundant as the company prepares for an asset auction.

A ReSolve statement read: ”In the first few weeks of our appointment, we were in an exclusivity agreement with a potential purchaser with hopes of progressing a sale of the business and assets, including a transfer of employees. Unfortunately, we were unable to agree a sale with that purchaser and, when the exclusivity period ended, the majority of staff had regrettably to be made redundant. We are still undertaking discussions with interested parties whilst we prepare for an auction process of the companies’ assets and we expect this process to complete within a period of 1-2 months. We are working hard to achieve the best outcome for creditors and stakeholders and supporting the former employees in navigating the redundancy process.”

The news follows more than six months after a proposed merger with American firm, ElectraMeccanica was terminated by the other party, which cited “multiple incurable breaches” of the agreement by Tevva. The two companies agreed to resolve their dispute out of court.