Swedish electric truck startup Volta Trucks has announced its decision to take steps to file for bankruptcy. The company will soon be filing for bankruptcy in its Swedish and UK operations. The company added that other group companies will soon file for bankruptcy in the relevant courts.
They pointed to the bankruptcy protection filed under Chapter 11 by its battery supplier, Proterra, in the United States last August as the cause. The uncertainty of the battery supplier made it difficult for electric vehicle suppliers to raise sufficient capital in a challenging capital environment.
As a result, the future of the newly developed electric truck Volta Zero, which began production at Magna Steyr in Austria last April, has become uncertain.
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