ElectraMeccanica Terminates Merger Agreement With the UK's Tevva

ElectraMeccanica Vehicles Corp., a US designer and assembler of electric vehicles (EVs), has terminated - with immediate effect - the previously-announced merger agreement with the UK's Tevva Motors Limited. According to ElectraMeccanica, this is 'as a result of multiple incurable breaches of the agreement by Tevva, including failures by Tevva to disclose to ElectraMeccanica material information about Tevva'.

The merger agreement was expected to accelerate Tevva’seExpansion in the electric medium- and heavy-duty commercial vehicle industry.

The oriiginal proposed combination was expected to accelerate Tevva’s growth in the UK and Europe and speed its entry into the US ,arket by leveraging ElectraMeccanica’s US expertise and US manufacturing facility,

ElectraMeccanica says it 'intends to explore all legal recourse available to it in connection with Tevva’s material breaches of the arrangement agreement'.

According to a press statement: 'ElectraMeccanica believes that it remains well-capitalized and intends to continue exploring other strategic third-party opportunities and potential options for its business'.

ElectraMeccanica is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.