On August 15, 2023, ElectraMeccanica, a NASDAQ-listed designer and assembler of electric vehicles, and Tevva, a leader in electric medium- and heavy-duty commercial vehicles, agreed to merge through a British Columbia statutory plan of arrangement. The transaction, approved unanimously by both companies' Boards, aims to enhance their position in the commercial electric truck market. Tevva recently started delivering its 7.5t battery-electric truck to urban delivery fleet customers and is developing a hydrogen range-extender technology.

The combined company, to be named Tevva, Inc., will benefit from Tevva’s UK manufacturing facility and ElectraMeccanica's facility in Arizona, enhancing production for the UK, European, and US markets. ElectraMeccanica shareholders will own 23.5% and Tevva shareholders 76.5% of the merged entity, with an expected cash balance of $70-80 million and debt of $26 million. The transaction anticipates $5 million in annual cost savings by the end of 2024.

David Roberts, Tevva Director, will become Executive Chairman, and Susan Docherty, ElectraMeccanica CEO, will lead the combined company. The merger, subject to regulatory approvals, is expected to close in Q4 2023.

Greenhill & Co. Canada Ltd. advised ElectraMeccanica, with legal counsel from Snell & Wilmer L.L.P., McCarthy Tétrault LLP, and Fox Williams LLP. Lucosky Brookman LLP and Gowling WLG acted as legal counsel for Tevva.