electrical automotive maker ElectraMeccanica Cars Corp. and U.Ok.-based Tevva Motors Ltd. have indubitably to a merger that can give the British business truck start-up a North American foothold, pace offering ElectraMeccanica a fresh path next the corporate alone its three-wheeled Solo EV this April.
The all-stock trade in introduced Aug. 15 will serve Tevva shareholders a 76.5 consistent with cent stake within the blended corporate, pace shareholders in Vancouver-based ElectraMeccanica will store the residue 23.5 consistent with cent hobby. The merged entity will stock the Tevva title and concentrate on the Tilbury, U.Ok.-based corporate’s lineup of medium- and heavy-duty electrical business vehicles.
ElectraMeccanica CEO Susan Docherty mentioned the “complementary” Eu and North American operations of the 2 companies will place the blended corporate for expansion.
“This is the right time and Tevva is the right partner with which to pivot from consumer vehicles to commercial vehicles,” she mentioned in a shed.
Docherty, who joined ElectraMeccanica in December 2022, is anticipated to go the blended entity as CEO following the merger.
A former Common Motors government, Docherty has overseen major alterations at ElectraMeccanica in her scale down tenure, culminating within the abandonment of the corporate’s three-wheeled, commuter-oriented EV previous this day. The corporate has additionally been exploring strategic possible choices because it redirected its engineering efforts towards conventional four-wheeled cars.
ElectraMeccanica was once based in Vancouver in 2015. Regardless that it formally extra headquartered on Canada’s West Coast, it has consolidated maximum group of workers in Mesa, Arizona, the place it owns a 235,000-square-foot (22,000-square-metre) production plant.
FUTURE IN CANADA IS MURKY