Tevva
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Tevva was a British electric-truck manufacturer founded in 2013 by Asher Bennett, based in Tilbury, Essex. It developed 7.5-tonne fully electric and hydrogen-electric trucks — with a 140-mile range — and had begun production, securing agreements with Royal Mail and Travis Perkins. It raised about $179 million to fund vehicle development, manufacturing and go-to-market.
02 / Tevva FAILURE REASONS
Failure reasons
Tevva collapsed under the capital intensity of truck manufacturing: it posted a £22 million EBITDA loss for 2023 and was burning about £1 million a month in early 2024. Its August 2023 merger with ElectraMeccanica — meant to secure its future — collapsed that October, triggering costly legal fallout. With the EV-startup funding climate frozen, no new investor materialized.
03 / EVENT HISTORY
Events in the structured record
- Founded
Asher Bennett founds Tevva in Tilbury, UK, to develop electric and hydrogen-electric trucks.
- ElectraMeccanica merger collapses
Tevva signs a merger with ElectraMeccanica in August; the deal collapses in October, followed by mutual legal action. Tevva posts a £22M EBITDA loss for 2023.
- Administration and liquidation
Tevva files a notice of intent on May 10, enters administration on June 6 (ReSolve); most staff are made redundant on June 28, and assets go to auction in August.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Tevva entered administration on June 6, 2024, with ReSolve appointed as joint administrators.
- 02
The majority of employees were made redundant on June 28, 2024.
- 03
A rescue bid failed; company assets were sold at auction in August 2024.