Proterra, a manufacturer of electric buses and trucks, has announced that it is asking a federal court in Delaware for Chapter 11 bankruptcy protection.
The Burlingame, California-based business is a significant bus supplier to transit systems all throughout the country. Proterra aims to continue operating normally, according to a statement posted on its website on Monday.
Proterra will also file petitions with the court to use existing funds to continue supporting operations, including paying employees, vendors, and suppliers. In 2021, President Joe Biden paid a visit to the business’ South Carolina factory to highlight American producers of electric vehicles.
The company, which distributes heavy trucks, vans, buses, and off-highway equipment in the U.S., European, and Asia-Pacific markets, said in the statement that it is taking steps to split its business segments “to maximize their independent potential.” Although our best-in-class
Although our best-in-class battery and EV technologies have become the norm in the industry, CEO Gareth Joyce stated in the statement that “we have faced various market and macroeconomic headwinds, which have impacted our ability to efficiently scale all of our opportunities simultaneously.” “We look forward to narrowing our focus as a leading EV battery technology supplier for the benefit of our many stakeholders as commercial vehicles accelerate toward electrification,” the statement continued.
Proterra Inc. stock dropped more than 88% to close Tuesday at 17 cents.
JOIN US ON WHAT'SAPP, TO GET INSTANT STATUS UPDATES AND BE IN THE KNOW.
CLICK HERE
