 in cash at the end of June, while Tevva had been chased by suppliers for late payments. Mr Roberts sai){kind=link}
Tevva will relocate to Delaware under merger after running into financial difficulties
Royal Mail’s electric lorry supplier will move its headquarters to the US under a merger with a New York-listed company after it ran into financial difficulties.
Tevva Motors, a taxpayer-backed Essex start-up making electric and hydrogen-powered trucks, is merging with ElectraMeccanica, an electric car maker listed on the Nasdaq.
Tevva, founded a decade ago by Asher Bennett, the brother of Israel’s former prime minister Naftali, who is known as the “Elon Musk of Essex”, had let go of staff and been faced with legal demands from suppliers as its cash reserves dwindled.
Under the deal, Tevva will be registered in Canada and domiciled in Delaware, while being run by ElectraMeccanica’s chief executive, Susan Docherty, in Mesa, Arizona.