Here’s a shocking reality check for the electric vehicle industry: MEVCO, an Australian start-up with ambitious plans to electrify mining operations, has collapsed into administration, leaving behind a trail of debt and a fleet of unsellable electric utes. This isn’t just a business failure—it’s a cautionary tale about the challenges of innovating in a rapidly evolving market. But here’s where it gets controversial: could this collapse signal deeper issues in the EV supply chain, or was it simply a case of overreach? Let’s dive in.
MEVCO, based in Perth, had set its sights on revolutionizing mining transportation by supplying electric utility vehicles (utes) to Australian and North American mines. In April 2024, the company announced a high-profile partnership with Rivian, the American EV manufacturer, to modify its R1T trucks—originally designed for left-hand drive markets—to meet the rugged demands of mining operations. The plan sounded promising: electrify mining fleets, reduce emissions, and carve out a niche in a growing industry. And this is the part most people miss: MEVCO had already pivoted away from its initial focus on electrifying Toyota HiLux and LandCruiser utes, citing a shift in market demand toward OEM-supported vehicles.
Fast forward to September 10, 2025, and the company’s dreams came crashing down. Documents filed with the Australian Securities and Investments Commission (ASIC) reveal MEVCO entered administration with millions in debt and a curious inventory: three Toyota HiLux utes, 13 Rivian R1Ts, and four additional unnamed Rivian vehicles—one of which is rumored to be a van. The irony? Those Rivian vehicles, still in left-hand drive, are essentially unsellable in Australia’s right-hand drive market. A liquidator has been appointed, but the fate of these vehicles remains uncertain.
Here’s the kicker: While MEVCO is owed over $7 million—mostly from an unnamed U.S. entity—it owes far more to a long list of creditors, including employees, suppliers, and even mining giants like Fortescue. Speaking of Fortescue, the company confirmed it trialed three Rivian R1Ts in its Pilbara operations but ultimately decided against further deployment. Why? Performance issues, according to a spokesperson. But is that the whole story? Some industry insiders speculate that the left-hand drive configuration and lack of OEM support may have been deal-breakers.
MEVCO’s CEO, Matt Cahir, once told Power Progress magazine that the market for upfitted machines had matured, and mines no longer wanted vehicles without OEM backing. Was this a misstep, or simply bad timing? And what about those three HiLux utes in MEVCO’s inventory? Were they electric conversions, as some suspect? These questions remain unanswered, adding another layer of intrigue to the company’s downfall.
Among the creditors, Exro Technologies—formed from a merger involving SEA Electric, MEVCO’s former partner in electrifying Toyotas—is listed as owing $23,588.32. Meanwhile, mining companies like Kalgoorlie Consolidated Gold Mines and Mineral Resources Limited are on the hook for smaller amounts, though both declined to comment. Fortescue, despite being listed as owing $15,222.47, denies any outstanding payments.
But here’s the real question: Is MEVCO’s collapse an isolated incident, or a symptom of broader challenges in the EV sector? As the industry grapples with supply chain disruptions, shifting market demands, and the complexities of innovation, this story serves as a stark reminder that bold visions don’t always translate into sustainable business models. What do you think? Was MEVCO ahead of its time, or simply out of touch with market realities? Let’s spark a conversation in the comments below.
