An electric lorry start-up launched by an entrepreneur dubbed 'the Elon Musk of Essex' is on the brink of administration as it urgently hunts for new investment.

Asher Bennett - the older brother of former Israeli prime minister Naftali Bennett and a former submarine officer in the Royal Navy - founded Tevva Motors in 2013.





It planned to build 7.5-tonne electric trucks in Tilbury, Essex and had signed agreements in principle to supply them to Royal Mail and Travis Perkins.

But the company has now filed a notice to appoint administrators after failing to secure sufficient new funds to keep the company afloat, the Telegraph reports.

It means bosses have temporary legal protection from creditors while they make a final effort to find emergency investment.
Tevva planned to revolutionise the haulage market by building trucks fitted with hydrogen fuel cell technology.

But it has been hit by a string of financial difficulties, disputes with suppliers and an increasingly challenging backdrop across the wider electric vehicle sector.

A spokesman said: “Despite positive customer interest in Tevva and its products, current global economic conditions have created a challenging environment for electric vehicle startups.

“As a consequence, we have filed notice of intent to enter administration with the court while the board is pursuing investment that secures the future of the company.”

Tevva was due to be bought out last year by American firm ElectraMeccanica but this collapsed.

Asher Bennett previously said his inspiration for the company stemmed from his days in the Israeli Navy, where he came across electricity-powered submarines.

After leaving the armed forces, he worked for a number of IT companies before becoming CEO of Evida Power, which designed lithium-ion batteries.

He believed his hydrogen-electric trucks would be cost effective and avoid the need for drivers to stop regularly to refuel.

The possible collapse of Tevva follows news its British rival, Arrival, is running out of cash.

The firm - which makes electric vans - was valued at £10billion after being listed in New York but its shares have subsequently fallen by 99.98 per cent.

Tesla and Chinese competitor BYD last month reported a plummet in sales in a further blow to the electric vehicle - after Apple also recently pulled the plug on its own EV project.

The two firms, two of the biggest sellers of EVs worldwide, have been forced to drop their prices to increase demand for their cars as they battle fiercer competition, particularly in China.

Almost every model made by firm BYD has had its sale price cut, accompanied by the slogan 'electricity is cheaper than oil' - as a price war continues to rage in China, which is the largest EV market in the world.

There have been warnings for some time from the traditional car industry that average buyers are being put off buying electric cars because they are more expensive than petrol-powered alternatives and because of the recharge times and poor charging infrastructure.

This comes after carmakers from Mercedes-Benz to Ford announced they were delaying or scrapping further electric vehicles (EVs) as demand slowed in Britain and abroad.

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