- Proposed Combination with ElectraMeccanica Expected to
Accelerate Tevva’s Expansion in the Electric Medium- and Heavy-Duty
Commercial Vehicle Industry, Which is Growing Rapidly and Expected
to Reach $67 Billion in 2030 1
- Tevva has Leading Proprietary Electric Truck Technology and has
Recently Commenced Deliveries to Fleet Customers
- Proposed Combination Expected to Accelerate Tevva’s Growth in
the UK and Europe and Speed Its Entry into the Highly Attractive
U.S. Market by Leveraging ElectraMeccanica’s U.S. Expertise,
State-of-the-Art U.S. Manufacturing Facility and Capital
- Proposed Combined Company’s Financial Targets for 2028 Include
Revenue of $1.3-$1.5 billion2 and EBITDA Margins in the
Mid-Teens
ElectraMeccanica, (NASDAQ: SOLO) (“ElectraMeccanica”), a
designer and assembler of electric vehicles, and Tevva, a pioneer
in electric medium- and heavy-duty commercial vehicles (“Tevva”),
today announced that they have entered into a definitive
arrangement agreement, pursuant to which ElectraMeccanica and Tevva
have agreed to combine by way of a British Columbia statutory plan
of arrangement.
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the full release here:
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The attending members of the Boards of Directors of both
companies unanimously approved the proposed transaction. The
proposed transaction is intended to accelerate their combined
ability to capture the growing opportunity in commercial electric
trucks.
Tevva recently commenced deliveries of its 7.5t battery-electric
truck to commercial fleet customers focused on urban delivery – a
critical and high-growth segment of the overall commercial truck
market for delivery-dependent urban areas. Tevva supports its
current product with a unique and purpose-built, commercial-grade
electric battery system, and its future product portfolio is being
developed to include a proprietary hydrogen range-extender
technology, which delivers a differentiated and sustainable
dual-energy solution. Tevva’s existing 110,000-square-foot EV
manufacturing facility in Tilbury, United Kingdom, would be
complemented by ElectraMeccanica's recently-commissioned
235,000-square-foot facility in Mesa, Arizona, which is expected to
enable the combined company to scale its production to serve the
U.K., European and U.S. markets.
David Roberts, current Director of Tevva and anticipated
incoming Executive Chairman upon the closing of the proposed
transaction, said, “Since Tevva's founding more than ten years ago,
we have focused our engineering and product development
capabilities on developing a portfolio of zero-emission commercial
vehicles that have generated significant customer interest. Our
vehicles have undertaken more than 300,000 miles of testing and
operating experience in real-world conditions by demanding fleet
operators. We are excited to merge with ElectraMeccanica and
accelerate the growth of the combined company. Throughout the
process, we have been impressed with ElectraMeccanica's management
team and strongly believe that ElectraMeccanica’s complementary
assets, skills and capital will further enhance our advantages in
this large and rapidly growing market.”
Susan Docherty, Chief Executive Officer of ElectraMeccanica,
added, “We are incredibly excited to partner with Tevva given their
unique engineering expertise in an essential segment of a large and
growing market. We believe this is the right time and Tevva is the
right partner with which to pivot from consumer vehicles to
commercial vehicles and respond to commercial fleet customer demand
for superior, reliable and cost-efficient trucks. The complementary
operations of the two companies and our similar values and mission
give me complete confidence we can jointly create significant
shareholder value. Tevva is extremely well positioned in the U.K.
and European market and our world-class manufacturing facilities,
combined experienced senior executive team and balance sheet will
help take our combined company to the next level.”
Steven Sanders, Chairman of the ElectraMeccanica Board of
Directors, added, “By partnering with Tevva, we are providing our
shareholders with a unique opportunity to participate in the
accelerated and technology-driven growth prospects of the combined
company in ways that also logically extend and leverage
ElectraMeccanica’s existing assets and strengths.”
Tevva’s Focus on the Commercial Truck Market
Since its founding in 2013, Tevva has focused on providing
innovative zero-emission technology solutions for the urban
delivery market. Tevva targeted this market given its size, rapid
growth rate and its impact on the environment. Commercial vehicles,
which stop frequently and largely operate in urban areas, are a
significant source of greenhouse gas emissions. Transportation is
one of the largest contributors to CO2 emissions globally, and
medium- and heavy-duty vehicles account for 22% of the
transportation industry’s emissions. While many fleet operators
recognize the benefits zero-emission vehicles deliver, they also
need reliable and cost-effective solutions. Tevva’s products have
demonstrated their reliability and ability to provide customers
with a compelling return on investment. Tevva has built a
commercial vehicle ecosystem alongside its technical partners,
including strategic investor Bharat Forge, with which it has worked
with since 2018, to tailor its products to the needs of its
customers accordingly.
Proposed Transaction Details
The proposed transaction with ElectraMeccanica and Tevva is the
culmination of a formal process initiated by ElectraMeccanica’s
Board of Directors (“ElectraMeccanica Board”) to explore a range of
possible strategic alternatives for optimizing ElectraMeccanica’s
assets and generating sustained shareholder value while still
managing potential risks. Following the completion of a
comprehensive process in which Tevva and others were thoroughly
evaluated, the Strategic Committee of the Board of Directors of
ElectraMeccanica, comprising Steven Sanders (Chairman), Mike
Richardson (Vice Chairman) and Dietmar Ostermann (Director), made a
unanimous, formal recommendation to ElectraMeccanica’s Board of
Directors to pursue a combination with Tevva and proceed with the
proposed transaction.
Upon the closing of the proposed transaction, ElectraMeccanica
shareholders will own 23.5% of the combined company and Tevva
shareholders will own 76.5% of the combined company on a fully
diluted basis. The combined company expects to have a cash balance
of approximately $70 - 80 million, with debt of approximately $26
million.
At closing of the proposed transaction, the combined company
will operate as Tevva, Inc., and is expected to be domiciled in
Delaware. It is anticipated that the combined company and its
shares will trade on The Nasdaq Capital Market under the ticker
symbol TVVA, subject to the receipt of all applicable Nasdaq
approvals.
The combined company is expected to benefit from the
acceleration of Tevva’s U.S. market entry, supported by the
complementary platform, team, and assets of ElectraMeccanica, in
addition to anticipated long-term reductions in material costs. The
transaction is also expected to deliver approximately $5 million in
run-rate annual cost savings by year-end 2024.
The Board of Directors of the combined company will consist of
nine directors, comprising five directors from Tevva and four
directors from ElectraMeccanica, of which seven are expected to be
deemed independent.
The senior executive team of the combined company will reflect
the significant talent and experience at the leadership level of
both companies. Following the completion of the proposed
transaction, it is expected that Susan E. Docherty will become
Chief Executive Officer of the combined company. Ms. Docherty
joined ElectraMeccanica in December 2022 as CEO and has over 40
years of senior leadership experience, including 30 years of
international automotive experience at General Motors where she
held a number of senior roles including President and Managing
Director of Chevrolet/Cadillac Europe, Vice President of
International Operations, Sales, Marketing and Aftersales in China,
and Vice President of U.S. Sales, Service and Marketing. Ms.
Docherty also serves as a Board Director of The Brink’s Company. It
is also expected that David Roberts, who has served as a Board
Director for Tevva for three years, will become Executive Chairman
of the combined company. Mr. Roberts is a recognized expert in the
industrial, transportation and clean energy sectors and in addition
to his role at Tevva, Mr. Roberts chairs the Board of Directors of
TAE Technologies (a commercial fusion energy developer) and Evtec
Group (an automotive supply chain company). Previously, he held
executive positions with Chrysler and Aston Martin Lagonda. During
his time at Tevva, Mr. Roberts has overseen Tevva’s rapid growth
through commercialization and managed key supplier, partner, and
customer relationships globally.
The proposed transaction will be completed, subject to the
definitive arrangement agreement, by way of a court-approved plan
of arrangement under the Business Corporations Act (British
Columbia), whereby a newly formed British Columbia corporation
(“Tevva, Inc.”), created to manage and hold the combined business
of ElectraMeccanica and Tevva, will, directly and indirectly,
acquire all of the issued and outstanding equity securities of
ElectraMeccanica and Tevva.
In addition, concurrent with the announcement of the proposed
merger, the Board of ElectraMeccanica has approved, under certain
conditions, the provision of a $6 million credit facility to Tevva
which can be drawn in whole or in part until the closing of the
proposed transaction. If drawn, the credit facility is intended to
provide Tevva with additional working capital to accelerate
delivery of commercial vehicles to fleet customers.
The proposed transaction is expected to close in the fourth
quarter of 2023, following the satisfaction or waiver of closing
conditions, including, among others, required approvals of
ElectraMeccanica’s and Tevva’s shareholders of the proposed
transaction, the approval of the Supreme Court of British Columbia
of the proposed transaction, and the conditional approval for the
shares of the Resulting Issuer to be listed on of Nasdaq.
All Officers and Directors of ElectraMeccanica support the
transaction and have entered into support and voting agreements
(subject to certain rights of withdrawal) for all of their shares,
including ElectraMeccanica’s founder and largest shareholder. This
cumulatively represents 9.67 million shares, or approximately 7.89%
of ElectraMeccanica’s outstanding shares. In addition, the
aforementioned ElectraMeccanica shareholders and key shareholders
of Tevva (representing 49% of Tevva’s current shares outstanding),
have entered into lock-up agreements in connection with the
proposed transaction, which will subject them to a 180-day
restricted period, subject to certain release exemptions based on
the trading level of the combined company’s stock price.
In connection with the proposed transaction, ElectraMeccanica
anticipates filing a proxy statement and management information
circular (the “Circular”) in connection with a special meeting of
holders of ElectraMeccanica common shares expected to be held in
the third quarter of this year to approve the proposed
transaction.
Advisors
Greenhill & Co. Canada Ltd. is serving as financial advisor
to ElectraMeccanica and also provided a fairness opinion to the
ElectraMeccanica Board in connection with the proposed transaction.
Snell & Wilmer L.L.P., McCarthy Tétrault LLP and Fox Williams
LLP are serving as legal counsel to ElectraMeccanica in connection
with the proposed transaction.
Lucosky Brookman LLP and Gowling WLG are acting as legal counsel
to Tevva in connection with the proposed transaction.
Joint Investor Call Information
https://app.webinar.net/O5BjxP7wgpW
Proxy Solicitor Information and Shareholder Questions
ElectraMeccanica shareholders who have questions should contact
ElectraMeccanica’s strategic shareholder advisors and proxy
solicitation agents: Mackenzie Partners (for the United States) or
Laurel Hill Advisory Group (for Canada), or reach out to John
Franklin, Investor Relations Counsel to ElectraMeccanica at:
IR@emvauto.com
United States Canada
Mackenzie Partners
1-800-322-2885 (toll-free in North
America)
1-212-929-5500 (outside of North
America)
proxy@mackenziepartners.com
Laurel Hill Advisory Group
1-877-452-7184 (toll-free in North
America)
1-416-304-0211 (outside of North
America)
assistance@laurelhill.com
About Tevva
Tevva is disrupting zero-emission commercial transport with
revolutionary battery electric and hydrogen fuel-cell range
extender technology. Tevva trucks optimize range, safety, driver
experience, and total ownership cost while significantly reducing
the environmental impact of urban delivery. Tevva has designed a
range of electric vehicles across the medium- to heavy-duty
commercial vehicle space, and already has vehicles in operation on
public roads with customers.
About ElectraMeccanica
ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of
environmentally efficient electric vehicles that will enhance the
urban driving experience, including commuting, delivery and shared
mobility. ElectraMeccanica recently commissioned its
state-of-the-art 235,000 square-foot manufacturing facility in
Mesa, Arizona to produce and assemble electric vehicles, including
through contract manufacturing.
Additional Information and Where to Find It
In connection with the proposed merger, ElectraMeccanica intends
to file with the U.S. Securities and Exchange Commission (the
“SEC”) preliminary and definitive Circulars relating to the
proposed transaction and other relevant documents. The definitive
Circular will be mailed to ElectraMeccanica’s shareholders as of a
record date to be established for voting on the proposed
transaction and any other matters to be voted on at the special
meeting. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THE PRELIMINARY AND DEFINITIVE CIRCULARS,
ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY OTHER DOCUMENTS TO BE
FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR
INCORPORATED BY REFERENCE IN THE CIRCULARS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
ELECTRAMECCANICA, TEVVA AND THE PROPOSED TRANSACTION. Investors and
security holders may obtain free copies of these documents (when
they are available) on the SEC’s website at www.sec.gov, on the
Canadian Securities Administrators website at www.sedar.com, on
ElectraMeccanica’s website at https://ir.emvauto.com/ or by
contacting ElectraMeccanica’s Investor Relations via email at
IR@emvauto.com.
Participants in the Solicitation
ElectraMeccanica and its Directors and certain of its Executive
Officers may be deemed participants in the solicitation of proxies
from the shareholders of ElectraMeccanica in connection with the
proposed transaction and any other matters to be voted on at the
special meeting. Information regarding the names, affiliations and
interests of such Directors and Executive Officers will be included
in the preliminary and definitive Circulars (when available).
Additional information regarding such Directors and Executive
Officers is included in ElectraMeccanica’s Annual Report on Form
10-K for the year ended December 31, 2022, which was filed with the
SEC on April 17, 2023. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
proxies of ElectraMeccanica’s shareholders in connection with the
proposed transaction and any other matters to be voted upon at the
special meeting will be set forth in the preliminary and definitive
Circulars (when available).
These documents will be available free of charge as described in
the preceding paragraph.
Non-Solicitation
This communication will not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor will there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Safe Harbor Statement
This press release and related comments by Management of
ElectraMeccanica and Tevva include “forward-looking statements”
within the meaning of U.S. federal securities laws and applicable
Canadian securities laws. Forward-looking statements may be
identified by words or expressions such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “estimates,” “may,”
“will,” “projects,” “could,” “should,” “would,” “seek,” “forecast,”
or other similar expressions. Forward-looking statements represent
current judgments about possible future events, including, but not
limited to statements regarding expectations or forecasts of
business, operations, financial performance, prospects, and other
plans, intentions, expectations, estimates, and beliefs relating to
the proposed transaction between ElectraMeccanica and Tevva, such
as statements regarding the combined operations and prospects of
ElectraMeccanica and Tevva, the current and projected market,
growth opportunities and synergies for the combined company,
targets for 2028 revenue and EBITDA margins, geographic expansion
plans, expectations and intentions with respect to the $6 million
credit facility provided by ElectraMeccanica to Tevva, the expected
composition of the Management and Board of Directors of the
combined company, the expected trading of the combined company on
The Nasdaq Capital Market, and the timing and completion of the
proposed transaction, including the satisfaction or waiver of all
the required conditions thereto. These forward-looking statements
are based upon the current beliefs and expectations of the
management of ElectraMeccanica and Tevva and are subject to known
and unknown risks and uncertainties. Factors that could cause
actual events to differ include, but are not limited to:
- the ability of the combined company to further penetrate the
U.K. and EU markets, and start operations in the U.S. market with
Tevva’s commercial vehicles without having any prior experience
selling Tevva’s vehicles in the U.S. market;
- the total addressable market of ElectraMeccanica, Tevva and of
the combined business;
- general economic conditions in the markets where
ElectraMeccanica and Tevva operate and where the combined company
will operate;
- the expected timing of regulatory approvals relating to the
proposed transaction, the businesses of ElectraMeccanica and Tevva
and of the combined company and product launches of such businesses
and companies;
- non-performance of third-party vendors and contractors;
- risks related to the combined company’s ability to successfully
sell its products and the market reception to and performance of
its products;
- ElectraMeccanica’s and the combined company’s compliance with,
and changes to, applicable laws and regulations;
- ElectraMeccanica’s and the combined company’s limited operating
history;
- the combined company’s ability to manage growth;
- the combined company’s ability to obtain additional
financing;
- the combined company’s ability to expand product
offerings;
- the combined company’s ability to compete with others in its
industry;
- the combined company’s ability to protect our intellectual
property;
- ElectraMeccanica’s and the combined company’s ability to list
the common stock of the combined company on Nasdaq;
- ElectraMeccanica’s and the combined company’s ability to defend
against legal proceedings;
- the combined company’s success in retaining or recruiting, or
changes required in, our Officers, key employees or Directors;
- the ability to successfully integrate the businesses of
ElectraMeccanica and Tevva after the completion of the proposed
transaction;
- the combined company’s ability to achieve the expected benefits
from the proposed transaction within the expected time frames or at
all;
- the incurrence of unexpected costs, liabilities or delays
relating to the proposed transaction;
- the risk that if the proposed transaction does not close that
Tevva is unable to repay the $6 million credit facility provided by
ElectraMeccanica;
- the risk that the proposed transaction may not be accretive to
ElectraMeccanica’s shareholders; and
- other economic, business, competitive, and regulatory factors
affecting the businesses of the companies generally, including but
not limited to those set forth in ElectraMeccanica’s filings with
the SEC, including in the “Risk Factors” section of
ElectraMeccanica’s Annual Report on Form 10-K filed with the SEC on
April 17, 2023, and its subsequent SEC filings.
Readers are cautioned not to place undue reliance on
forward-looking statements. It is uncertain whether any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do, what impact they will have on the
results of operations and financial condition of ElectraMeccanica
or the combined company. Forward-looking statements speak only as
of the date they are made, and ElectraMeccanica, Tevva and the
combined company undertake no obligation to update publicly or
otherwise revise any forward-looking statements, whether as a
result of new information, future events, or other factors that
affect the subject of these statements, except where they are
expressly required to do so by law.
Board of Directors Upon Closing of Proposed
Transaction
Upon the closing of the proposed transaction, it is anticipated
that the Board of Directors of the combined company will
include:
- Laura Dempsey Brown, who has served on the Tevva Board
of Directors since 2021 and chairs the Audit and Remuneration
Committees, also currently serves on the Board of Directors of
Helios Technologies, a U.S listed global hydraulics and electronics
manufacturer. She chairs the Audit committee and serves on the
Nominating committee, previously serving on ESG and Compensation.
She retired from Grainger in 2018. She was named Senior Vice
President, Communications and Investor Relations in 2010. Prior to
her SVP role, Ms. Brown served as Vice President of Marketing and
various Vice President of Finance roles since joining in 2000.
Prior to Grainger, Ms. Brown was a Vice President at Alliant
Foodservice and at Dietary Products at Baxter.
- Susan E. Docherty, who joined ElectraMeccanica in
December 2022 as Chief Executive Officer and interim COO, is
expected to become CEO of the combined company. Ms. Docherty has a
unique understanding of how to connect consumer behaviors to brands
and business models inside the auto/EV industries as well as
outside. She forged a storied global career at GM with over three
decades at the automaker, during which she launched and breathed
new life into dozens of vehicle brands ranging from Cadillac, to
Hummer, to the Electric Chevrolet Volt across the US, the EU and
China. She added significant depth to her experience starting in
2008 as one of the most senior frontline sales executives to help
lead the company through its emergence from the financial crisis, a
government bailout and bankruptcy. Beginning with her appointment
as the first-ever auto industry female Vice President of Sales,
Service & Marketing in 2009, Susan’s diverse responsibilities
came to include overseeing sales, service, marketing, product and
manufacturing operations in various countries. While overseeing
International Operations for GM starting in 2010, she was
responsible for its largest growth region, driving volume and
revenue increases to 700k units and $45 billion respectively. More
recently, Susan diversified her credentials by engineering the
turnaround and expansion of Canyon Ranch, the iconic 40-year-old
lifestyle and wellness brand. During her four-year tenure at the
company as CEO, she restructured operations and pursued new
adjacent growth opportunities. Her initiatives improved top-line
growth by over 30% and improved profits by 80%. Susan also
broadened her governance and oversight credentials and currently
serves on the Board of Directors for NYSE-listed Brinks Company as
well as the private-equity-backed J&J Ventures Gaming. Susan is
a graduate of Stanford University with a Master of Science in
Business.
- Ian Harnett, who has served as Chairman of the Tevva
Board of Directors since August 2021. Mr. Harnett has more than 40
years’ experience in the automotive industry. Prior to joining
Tevva, he served as Executive Director of Human Resources and
Global Purchasing at Jaguar Land Rover. Previously he was
responsible for the establishment of the new Strategic Business
Office at Jaguar Land Rover, as well as heading the Transition Team
as Jaguar Land Rover (JLR) was divested from Ford Motor Company.
Mr. Harnett joined British Leyland in 1982 starting in the
Purchasing Department at Longbridge and spent the next 25 years in
various Purchasing/Project roles--including assignments with
subsequent owners of Rover Group. For a number of years Ian was
responsible for Honda Contracts and later headed a joint Purchasing
team in BMW/Rover. During his time within the Ford organization,
Ian spent three years based in Cologne (Germany) managing the
Chassis and Raw Materials Purchasing team for Ford of Europe, Volvo
and JLR.
- Luisa Ingargiola, who has a diverse experience in
capital markets with public companies. Luisa is currently the Chief
Financial Officer of Avalon GloboCare, a leading biotech healthcare
company that is developing cell-based therapeutic and diagnostic
technologies for cancer and other diseases. Luisa also serves as a
Director and Audit Chair of AgEagle, a leading provider of
innovative technology-orientated solutions for drone delivery
systems. Luisa also serves as Board Director and Audit Chair for
BioCoreX a biotech company developing innovative solutions for
treatments of addictions. In addition, Luisa has served as Audit
Chair for several public companies in the technology, environmental
and energy industries. Luisa is a graduate of the University of
Boston with a Bachelor of Science in Finance. Luisa also has a
Master of Health Administration from the University of South
Florida.
- David Morris, who has served as a non-executive director
at Tevva since August 2020. He is a senior executive with deep
financial expertise and a strong background in managing an
extensive international property portfolio. David began his
business career at Bankers Trust before playing an instrumental
role in establishing Brewin Dolphin’s Investment Trust Division. He
spent 20 years as the Principal in his family office, acting as a
Director or Advisor to private and publicly listed companies in the
UK, US, and Israel across FMCG, clothing, technology, and
finance.
- Dietmar Ostermann, who brings 33 years of automotive
consulting experience to ElectraMeccanica. Mr. Ostermann consulted
to many of the top OEMs, including GM, Ford, Stellantis, Rivian,
BMW, Mercedes, VW, Nissan and Hyundai as well as many auto
suppliers on topics of business strategy, product development and
operations improvement. Mr. Ostermann served as PWC’s Global and US
Auto Advisory Leader based in Detroit, MI for 11 years. Prior to
PwC, he led the global auto practice of management consulting firm
PRTM in Boston. Prior to that he spent 17 years at top management
consulting firm A.T.Kearney in the US and Germany, which he also
led as their CEO for three years. Mr. Ostermann serves as an
independent director for auto suppliers Shape Corp in Grand Haven,
MI and North American Stamping Group in Nashville, TN.
- Mike Richardson, who brings four decades of global
automotive experience working in Original Equipment Manufacturers
and Tier 1 system suppliers. Prior to joining ElectraMeccanica,
Mike served as president and Board Director of Nexteer Automotive.
He worked regionally in Europe & Asia for eight years,
overseeing a comprehensive restructuring of both product portfolio
and manufacturing footprint. Mike retired from Nexteer Automotive
as President and Executive Board Director in 2019. He continues to
serve on the boards of Dura Automotive and Shape Corporation. Mr.
Richardson holds a bachelor’s degree in mechanical engineering from
Kettering University and a master’s degree in business
administration from Central Michigan University. He also holds a
Master Level Professional Board Director Certification from the
American College of Corporate Directors. He has been recognized as
a Professional Engineer, Certified Quality Engineer and
unlimited-rating Stationary Power Engineer. Mike has authored
numerous intellectual properties impacting both product and
process. He is a Boss Kettering Innovation Award recipient, GM
President’s Award winner and Delphi Inventors Hall of Fame
inductee.
- David Roberts, who has been a Director at Tevva since
2020 and will be named Executive Chairman of the combined company.
Mr. Roberts is a veteran industrialist with over 40 years in the
automotive and aerospace sectors. He is a Black Belt Lean Sensei
and one of the founders of the LEI. His key strengths are
prescriptive and evolutionary strategy with strong strategic vision
and motivation skills ideally suited for resolving business issues
with a Global network of business relationships. He has strong
experience with international operations and markets,
commercialization of nascent technologies, MBOs/MBIs and Mergers
and Acquisitions. He has a close working relationship with UK
Government on UK automotive sector, especially supply chain growth
and expansion. David has over 30 years’ experience in
manufacturing, particularly within the automotive and aerospace
sectors. He is Chair of TAE Power Solutions (the world’s leading
technology ecosystem that enables the most versatile, powerful,
efficient and reliable Electric Vehicles, ePowertrains, Ultrafast
Charging systems for home and commercial use and Energy Storage
Systems). He Chairs a number of companies including Evtec Group
(the UK's largest employer of disabled people), Tevva Trucks, Evera
Recruitment Ltd (Europe's leading recruitment company in the EV and
battery sector) and Evtec Energy PLC (a green renewables provider
of energy systems).
1 2030E figures based on Morgan Stanley equity research
estimates 2 Based on current foreign exchange rates
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230815770691/en/
Investors:
ElectraMeccanica Contact: John Franklin ir@emvauto.com
Tevva Contact: investment@Tevva.com
Media:
ElectraMeccanica Contact: John Franklin ir@emvauto.com
Tevva Contact: pr@Tevva.com
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