While the automobile world is trying to make a rapid transition to electrification, there are also new companies that want to get a share of this market. Founded in 2019 in Sweden, Volta Trucks is now bankrupt after four years. The company’s projects to produce electric trucks and trucks have been canceled.
Volta Trucks is shutting down after four years
Struggling with supplier problems, Volta Trucks has filed for bankruptcy, closing its offices in both Sweden and the UK. In a statement from the company, the difficulties faced by suppliers made bankruptcy mandatory.
US 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 electric trucks.
Problems in the supply chain reduced Volta’s truck production volumes 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 develops electric trucks targeting urban deliveries, was producing its vehicles at a factory in Austria. Although the company has reportedly received orders for more than 5,000 trucks to date, supply problems have slowed mass production.
The Volta Trucks board of directors stated that filing for bankruptcy was a difficult decision. However, it was necessary as a result of loss of production and lack of financing. The bankruptcy filing will protect the company and allow it to restructure in Sweden and the UK.
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