ElectraMeccanica, the maker of the Solo electric vehicle, is merging with U.K.-based truck manufacturer Tevva to focus on growing their market share for electric trucks. ElectraMeccanica faced challenges with profitability and a vehicle recall earlier this year. By shifting their focus to medium- and heavy-duty commercial electric trucks, the company aims to keep operations alive and take advantage of U.S. government incentives for electrifying heavy-duty trucks. The merger will also allow Tevva to expand in the U.K., Europe, and enter the U.S. market. The combined company, expected to begin trading as Tevva, Inc., is projected to generate significant revenue by 2028.
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