Swedish electric truck manufacturer Volta Trucks may file for bankruptcy
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Swedish startup Volta Trucks, which was supposed to start selling electric trucks next year, is preparing to file for bankruptcy, reports Bloomberg. The company intends to file for bankruptcy first in Sweden, and a little later in the UK.
The reason for this decision, as explained in the company, was the bankruptcy in August of this year of the key partner of the Swedish startup, Proterra Inc., which was supposed to become a supplier of batteries for Volta Trucks. Proterra’s collapse “negatively impacted our ability to raise sufficient funds in an already challenging capital-raising environment for electric vehicle players,” Volta’s board said in a statement.
Volta Trucks has so far managed to raise about $600 million and received pre-orders for 5 thousand of its Volta Zero electric trucks. Their mass production was supposed to begin this year, and deliveries in 2024.
According to Byggmastare Anders J Ahlstrom AB, which owned about 10% of Volta shares as of June 30 this year, the startup’s shares are now “worthless.”
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