'Elon Musk of Essex' EV company to move to the U.S.

2023-08-18 10:00:03

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'Elon Musk of Essex' EV company to move to the U.S.

Former Israeli army member and cybersecurity professional, Ashton Bennett, launched his own EV company called Tevva Motors in Tilbury, Essex a decade ago. After operating in the U.K. and gaining approval to mass-produce trucks, Bennett's company is now relocating to the United States. Tevva Motors has faced financial troubles and layoffs recently, as well as legal demands from suppliers. The merge with ElectraMeccanica, a shift from consumer EVs, will help grow the market share of both companies in the U.S., U.K., and Europe. The new entity will be called Tevva and will be listed on the Nasdaq index. Tevva will continue manufacturing vehicles in Essex and use ElectraMeccanica's manufacturing site in Arizona to expand its presence in America.

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A new Tevva

The merger between Tevva and ElectraMeccanica will result in a new entity called Tevva, registered in Canada and domiciled in Delaware. The company aims to deliver its first vehicles to Royal Mail in the coming weeks. ElectraMeccanica CEO Susan Docherty, who will head the merged company, believes that Tevva's position in the U.K. and European market, combined with their manufacturing facilities and experienced executive team, will take the company to the next level. Tevva's shareholders will own the majority of the combined company, and the deal is expected to close by the end of the year.

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