MESA, Ariz.–(BUSINESS WIRE)–ElectraMeccanica Vehicles, a designer and assembler of electric vehicles, today announced the amicable resolution of litigation with Tevva Motors Limited relating to the termination of the previously-announced arrangement agreement, dated August 14, 2023, by and among the parties. The parties’ agreement resolves Tevva’s claims against ElectraMeccanica, 1432952 B.C., 1432957 B.C. and Susan E. Docherty, ElectraMeccanica’s Chief Executive Officer and Interim Chief Operating Officer, as well as counterclaims that ElectraMeccanica was prepared to file against Tevva and others in relation to the original arrangement agreement.
ElectraMeccanica and Tevva agreed that it was in their mutual best interests to resolve any litigation relating to the arrangement agreement with no attribution or admission of wrongdoing by any party. The parties further believe that they are best served by moving forward as independent companies with their respective business models. ElectraMeccanica and Tevva will continue to pursue their respective futures as leaders and innovators in the growing electrification market.
ElectraMeccanica believes that it remains well-capitalized and intends to continue exploring other strategic third-party opportunities and potential options for its business.
About ElectraMeccanica
ElectraMeccanica (NASDAQ: SOLO) is a designer and assembler of environmentally efficient electric vehicles intended to enhance the urban driving experience, including commuting, delivery and shared mobility.