Tevva Motors Limited (08368694): administration
- Status
- In administration
- Administration began
- 2024-06-06
- Administrators
- Cameron Gunn, Lee Antony Manning, Ben David Woodthorpe
- Administrators' firm
- ReSolve
- Formerly
- Teva Motors Limited
- Incorporated
- 2013-01-21
- Location
- London
- Industry
- 29310 Manufacture of electrical and electronic equipment for motor vehicles and their engines
Why it went into administration
- Supply chain disruption
- HMRC / tax arrears
- Sustained trading losses
- Over-expansion / investment not recovered
From the administrators' statement
Tevva Motors Limited (“Tevva” or the “Company”) was founded by Asher Bennett in January 2013 with the aim of commercialising electric vehicle technology for heavy goods vehicles. Tevva was set up as a UK-based electric vehicle manufacturer with a mission to reduce carbon emissions and help address the deterioration of the UK’s manufacturing base. The industry is renowned for being highly capital intensive due to the research and development demands of the underlying technology required for truck electrification (Such as range extension technology and hydrogen fuel cells).
Tevva initially focused on research and development to create a viable electric truck for commercial sale and use. By 2015, the Company had developed an initial prototype, which featured range extender technology which enabled electric trucks to travel longer distances. In 2017, the Company secured an investment of c.£10m from a consortium of investors to aid in the scaling-up of Tevva’s operations. The Company continued its research and development efforts and began to build robust supplier relationships.
In 2019, the Company received a further funding tranche of c.£12.5m from Energy Investment Partners. This provided Tevva with a springboard from which the Company was able to launch its first commercially available electric truck, the “Tevva E-Flex.”
Administrators' statement of proposals (2024-08-02) · Companies House register