Volta Trucks Files for Bankruptcy After Supply Chain Fails
- August failure of battery supplier Proterra hit production
- Biggest shareholder says Volta became ‘impossible to fund’
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Sweden’s Volta Trucks AB is planning to file for bankruptcy following a breakdown in its supply chain, the company said.
The decision comes roughly two months after Volta’s battery supplier Proterra Inc. failed, causing the truckmaker to fall short of production targets. The collapse “negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric-vehicle players,” Volta’s board said in a statement.