Volta Trucks has announced the initiation of a bankruptcy process in Sweden, following the bankruptcy filing of its battery supplier (Proterra) and "its impact on its manufacturing plans, reducing the volume of vehicles it had planned to produce. The uncertainty with our battery supplier has also affected our ability to raise sufficient capital in an already difficult environment for players in the electric vehicle sector."
Founded in 2019 in Sweden, Volta Trucks had created a 16-ton electric truck with a unique cab and chassis. Since its creation, Volta Trucks has raised over €360 million in funding to date. It had started production of its Volta Zero truck last April at its Austrian plant, and announced more than 300 vehicles on order earlier this year.
Further bankruptcy proceedings in countries where the start-up is present, including France, are expected to follow.
