Australian Mevco bankruptcy: Rivian R1T mining plan fails
Australian EV startup Mevco goes bankrupt after Rivian R1T mining pivot
Australian Mevco bankruptcy: Rivian R1T mining plan fails
Australian startup Mevco goes bankrupt after a pivot to Rivian R1T mining conversions. What went wrong, how much is owed, and what it means for EV niches.
2025-11-17T14:51:04+03:00
2025-11-17T14:51:04+03:00
2025-11-17T14:51:04+03:00
Australian startup Mevco (Mining Electric Vehicle Company) has announced bankruptcy. The firm set out to supply the local mining industry with converted Rivian R1T pickups, but now owes creditors millions of dollars.Founded in Perth in 2022, Mevco initially based its business plan on electric vehicles derived from popular Toyota models. Management later changed course and concentrated solely on reworking vehicles from American brand Rivian—a bold simplification that promised clarity but left little margin for plan B.Early last year, the young company reached an agreement with Rivian under which Mevco intended to adapt R1T trucks for mining operations in Australia and North America. With multimillion-dollar debts accumulating, Mevco was deemed insolvent on 10 September. For fleet customers in heavy industry, the episode underscores how in emerging EV niches, strategy can weigh as heavily as the hardware.
Mevco bankruptcy, Rivian R1T, mining EVs, Australian EV startup, electric pickups, mining fleets, insolvency, creditors, Perth, North America, converted Rivian trucks, automotive industry, EV market
2025
Michael Powers
news
Australian EV startup Mevco goes bankrupt after Rivian R1T mining pivot
Australian startup Mevco goes bankrupt after a pivot to Rivian R1T mining conversions. What went wrong, how much is owed, and what it means for EV niches.
Michael Powers, Editor
Australian startup Mevco (Mining Electric Vehicle Company) has announced bankruptcy. The firm set out to supply the local mining industry with converted Rivian R1T pickups, but now owes creditors millions of dollars.
Founded in Perth in 2022, Mevco initially based its business plan on electric vehicles derived from popular Toyota models. Management later changed course and concentrated solely on reworking vehicles from American brand Rivian—a bold simplification that promised clarity but left little margin for plan B.
Early last year, the young company reached an agreement with Rivian under which Mevco intended to adapt R1T trucks for mining operations in Australia and North America. With multimillion-dollar debts accumulating, Mevco was deemed insolvent on 10 September. For fleet customers in heavy industry, the episode underscores how in emerging EV niches, strategy can weigh as heavily as the hardware.
