Tevva Motors, an electric lorry start-up co-founded by Asher Bennett, hailed as ‘the Elon Musk of Essex’, is grappling with the imminent threat of administration as it urgently seeks fresh investment.
Founded in 2013 by Bennett, brother of former Israeli Prime Minister Naftali Bennett and a former Royal Navy submarine officer, the company aimed to revolutionize the haulage industry by producing 7.5-tonne electric trucks in Tilbury, Essex.
Financial Turmoil and Disputes
Despite initial optimism and agreements with major clients like Royal Mail and Travis Perkins, Tevva Motors has encountered a series of financial challenges, supplier disputes, and broader difficulties within the electric vehicle sector.
The company’s vision to introduce hydrogen fuel cell technology to its trucks faced setbacks, contributing to its financial woes.
Pursuit of Emergency Investment
In a bid to salvage the company’s future, Tevva Motors has filed a notice to appoint administrators, providing temporary legal protection from creditors as it seeks emergency funding.
While expressing optimism about customer interest in its products, the company’s spokesman highlighted the adverse global economic conditions impacting electric vehicle start-ups.
Founder’s Vision and Background
Asher Bennett’s inspiration for Tevva Motors stemmed from his naval background and experience with electricity-powered submarines.
After leaving the armed forces, Bennett ventured into IT companies before becoming the CEO of Evida Power, specializing in lithium-ion batteries. He envisioned Tevva’s hydrogen-electric trucks as a cost-effective solution, aiming to minimize refueling stops for drivers.
Industry Challenges and Market Trends
Tevva Motors’ financial struggles coincide with similar challenges faced by its British rival Arrival and industry giants like Tesla and BYD.
Arrival, known for electric vans, is also grappling with cash shortages, while Tesla and BYD report declining sales amid fierce competition, particularly in China.
The wider electric vehicle market faces pricing pressures and infrastructure concerns, impacting consumer adoption and industry growth.
World News