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Bankruptcy
Total Funding000k

Financials

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Revenues, earnings & profits over time
GBP2014201520162017201820192020
Revenues0000000000000000000000000000
EBITDA0000000000000000000000000000
% EBITDA margin------(947 %)
Profit0000000000000000000000000000
% profit margin------(1054 %)
EV0000000000000000000000000000
EV / revenue00.0x00.0x00.0x00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x00.0x00.0x00.0x
R&D budget0000000000000000000000000000

Source: Company filings or news article

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More about Tevva Motors
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Tevva Motors is a UK-based designer and manufacturer focused on zero-emission commercial vehicles for the urban freight and logistics sector. The company was founded in 2013 by Asher Bennett, whose background as an Israeli naval submarine officer provided the inspiration for the dual-energy systems in the company's trucks. Before Tevva, Bennett co-founded an e-commerce website and later led Evida Power, a company that developed lithium-ion battery systems, including for the electric buses at the 2008 Beijing Olympics. This experience in battery technology and electric powertrains highlighted a gap in the commercial vehicle market, leading to the creation of Tevva.

The company engineers both fully battery-electric trucks (BEV) and hydrogen-electric trucks, which utilize a hydrogen fuel cell as a range extender to recharge the battery. This dual-energy approach is designed to overcome range anxiety, a significant barrier to the adoption of electric trucks in the logistics industry. Tevva’s 7.5-tonne battery-electric model offers a range of up to 227 km, while the hydrogen-electric version extends this to 440 km. The business model centers on selling these vehicles directly to fleet operators, with clients including Royal Mail, Travis Perkins, and Kinaxia Logistics. By focusing on achieving total cost of ownership (TCO) parity with traditional diesel trucks through reduced maintenance and fuel costs, Tevva aims to make electric trucks a financially viable choice for businesses.

Significant milestones for Tevva included securing European Community Whole Vehicle Type Approval for its 7.5-tonne electric truck, enabling sales across Europe. The company began series production and initial customer deliveries from its facility in Tilbury, Essex, in late 2022. Over its lifetime, Tevva raised approximately $173 million from investors, including Bharat Forge and the Advanced Propulsion Centre UK. However, the company faced significant financial challenges, exacerbated by a collapsed merger with ElectraMeccanica in late 2023. Despite customer interest, these difficulties led Tevva to file for administration in May 2024, and by June 2024, administrators were appointed to manage the company's affairs while seeking a potential buyer. As of August 2024, the company's assets were being liquidated.

Keywords: electric trucks, hydrogen-electric truck, commercial EV, zero-emission transport, urban logistics, fleet vehicles, range extender technology, hydrogen fuel cell, Asher Bennett, battery-electric vehicle, commercial transport, freight electrification, logistics solutions, TCO parity, medium-duty trucks, EV manufacturing, zero-emission logistics, sustainable transport, electric HGV, commercial vehicle manufacturing, Tilbury, advanced propulsion

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Investments by Tevva Motors

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Electra Meccanica
ACQUISITION by Xos Trucks Jan 2024