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4worldlovers: ElectraMeccanica has an exciting future ahead as our Board of Directors has reached a definitive arrangement agreement to potentially merge with Tevva, a pioneer in electric, medium and heavy-duty commercial vehicles. The proposed combined company will manufacture these zero-emission vehicles in the UK, and in the US at ElectraMeccanica’s 235,000 square foot state-of-the-art manufacturing facility in Mesa, Arizona. We are thrilled to help electrify and transform the $275B Global Medium and Heavy-Duty Commercial Vehicle Industry.

In mid-March, I wrote to all of you about the state of the business - an initial "100 day update" focused on putting ElectraMeccanica on a new and different path, including important shifts to our strategy and operations. Today, a further 150 days into my time as CEO and acting COO, I’m proud to announce some truly exciting news demonstrating the ElectraMeccanica team’s hard work to entirely redefine, and uplevel, our business: the entry into a proposed merger agreement between ElectraMeccanica and Tevva. I invite you to read the press release here.

The release and associated current report on the form 8-k filed with the SEC contain all the essential information about the proposed transaction. I wanted to write directly to our shareholders and use our microsite to add some additional context - as I know many of you have been expecting a thorough update for some time.

First, I want to acknowledge the journey we have taken together over just the past six months. At the end of last year, we commissioned a new manufacturing facility in Mesa, Arizona and continued selling our three-wheeled electric vehicle (EV), the SOLO. Yet: the business struggled under the burdens of an unsustainable cost structure; an unprofitable contract manufacturing relationship with Zongshen; and an addressable market that, while large, was too expensive to capture. So, we made hard, but necessary, decisions. We streamlined operations, staff and costs; ended the manufacturing agreement with Zongshen; and recalled and then discontinued the SOLO. We also began to innovate – signing agreements to leverage the Mesa, Arizona facility to assemble others’ EVs. All the while, we carefully and relentlessly considered the best use of our still-strong balance sheet to create shareholder value.

ElectraMeccanica has a state-of-the-art facility, in a thriving EV community. We have significant automotive and EV manufacturing and marketing expertise, as a team. And we have working capital. Any new path forward, to be sustainable and deliver value, had to make the best use of these resources, with the biggest possible positive economic impact, in the near term.

Even as we made plans to launch another vehicle of our own and expand our contract assembly, it became clear to me, my team and the Board that we had a rare opportunity to think bigger, especially in terms of technology. Engineering is at the heart of electric vehicle value. And while ElectraMeccanica has always been associated with disruptive design, the business did not truly have a differentiated tech stack. Nor was there a credible way to produce the SOLO profitably, for the reasons we’ve previously explained. That insight opened the door to finding a partner in the battery-electric-vehicle (BEV) landscape that is still relatively early in its manufacturing journey, but that also has engineering expertise and intellectual property aimed at a commercially viable segment of the EV market.

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4worldlovers: By addressing the limitations of today's infrastructure and developing reliable charging solutions, we're working to usher in a new era of electric mobility.

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