While the automobile world is trying to quickly transition to electrification, there are also new companies that want to get a share of this market. Founded in Sweden in 2019 Volta Trucks has declared bankruptcy after four years. The projects of the company that would produce electric trucks and trailers were cancelled.
Volta Trucks is being closed after four years
Struggling with supplier issues, Volta Trucks closed its offices in both Sweden and the UK and filed for bankruptcy. In the statement from the company, the difficulties faced by the suppliers made bankruptcy mandatory.
American electric bus manufacturer Proterra, declared bankruptcy in August, causing a major disruption in Volta’s parts supply. There was also some uncertainty about the battery manufacturer for Volta’s electric trucks.
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Problems in the supply chain reduced Volta’s truck production volume and made it difficult for it to raise additional capital. The company had raised around 300 million euros from investors, but needed more investment to move into mass production.
Volta Trucks, which developed electric trucks targeting urban deliveries, was producing its vehicles in a factory in Austria. Although it is said that the company has received orders for more than 5 thousand trucks to date, supply problems have slowed down mass production.
Volta Trucks’ board of directors stated that filing for bankruptcy was a difficult decision. However, it was stated that it was necessary as a result of production loss and lack of financing. The bankruptcy filings will protect the company and allow it to restructure in Sweden and the UK.
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