Blog

Electric bus maker Proterra files for Chapter 11 bankruptcy protection


Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.The Burlingame, California, based company is a big supplier of buses to transit systems across the nation. Proterra’s Greenville office and manufacturing facility serves as the anchor to the company’s East Coast operations. The Greer battery production plant is the company’s first in the Eastern United StatesIn March 2022, Greenville County Schools got its first Proterra electric bus through a donation. (See video below.)A statement on Proterra’s website Monday said that it intends to maintain normal operations and will file motions with the court to use existing capital to keep funding operations, including paying employees, vendors and suppliers.President Joe Biden paid a virtual visit to the company’s factory in Greenville in 2021 to highlight U.S. electric vehicle makers.(Video above is President Biden’s virtual visit in April 2021.)The company said in the statement that it’s taking action to separate its business units “to maximize their independent potential.” It sells heavy truck, van, bus and off-highway equipment in the U.S., European and Asia-Pacific markets.(Video below is a story about Greenville getting a grant for Proterra electric buses in Sept. 2017.)“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” CEO Gareth Joyce said in the statement. “As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”Shares in Proterra Inc. closed Tuesday down more than 88% at 17 cents.

Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.

The Burlingame, California, based company is a big supplier of buses to transit systems across the nation. Proterra’s Greenville office and manufacturing facility serves as the anchor to the company’s East Coast operations. The Greer battery production plant is the company’s first in the Eastern United States

In March 2022, Greenville County Schools got its first Proterra electric bus through a donation. (See video below.)

A statement on Proterra’s website Monday said that it intends to maintain normal operations and will file motions with the court to use existing capital to keep funding operations, including paying employees, vendors and suppliers.

President Joe Biden paid a virtual visit to the company’s factory in Greenville in 2021 to highlight U.S. electric vehicle makers.

(Video above is President Biden’s virtual visit in April 2021.)

The company said in the statement that it’s taking action to separate its business units “to maximize their independent potential.” It sells heavy truck, van, bus and off-highway equipment in the U.S., European and Asia-Pacific markets.

(Video below is a story about Greenville getting a grant for Proterra electric buses in Sept. 2017.)

“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” CEO Gareth Joyce said in the statement. “As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”

Shares in Proterra Inc. closed Tuesday down more than 88% at 17 cents.



Source link

Hi, I’m meabhi08

Leave a Reply

Your email address will not be published. Required fields are marked *