Volta Trucks files for bankruptcy in Sweden 18 October 2023
Volta Trucks has announced it has taken steps to file for bankruptcy proceedings in Sweden.
In an online statement, the company said: “The recent news that our battery supplier (Proterra) has filed for Chapter 11 Bankruptcy, has had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce. The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players.”
The main trading entity of the group, Volta Trucks Limited, will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office. Other group entities will also shortly file for insolvency proceedings in the relevant jurisdictions.
Author
Ben Spencer
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