Australian startup Mevco (Mining Electric Vehicle Company) has filed for bankruptcy. The company aimed to supply the local mining industry with converted Rivian R1T pick-ups, but now owes millions of dollars to creditors. Founded in Perth in 2022, Mevco initially set it’s sights on electric vehicles derived from popular Toyota models. Management subsequently changed course, focusing exclusively on the transformation of vehicles from the American brand Rivian – an ambitious simplification that promised clarity but left very little room for a plan B. Early last year, the young company reached an agreement with Rivian to adapt R1T pick-ups for mining operations in Australia and North America. As multimillion-dollar debts piled up, Mevco was declared insolvent on September 10. For customers with fleets in heavy industry, the case is a reminder that, in emerging electric niches, strategy matters as much as the technical component.
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