Major truck brand files for bankruptcy after EV battery supplier folded
A MAJOR truck brand has filed for bankruptcy after its EV battery supplier folded.
The manufacturer, who introduced the world's first purpose-built, electric 16-tonne lorry, has been forced to wind up due to "uncertainty"; over supply chains.
Volta Truck's board made the announcement this morning following on from the collapse of EV firm Proterra in August.
As well as making their own models, Proterra supplied the battery packs for Volta's specialist HGVs.
The company has now instigated bankruptcy procedures in Sweden, where it is headquartered.
A statement cited "challenges" in resourcing their vehicles and securing investment in light of the Proterra chaos as key factors behind the decision.
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Volta's trading company, Volta Trucks Limited, will also go into administration in the UK shortly, the company confirmed.
A front-runner in EV technology, they were the first to produce a purpose-built 16-tonne EV truck, with previous electric HGVs being achieved through retrofitting and conversion.
In its statement, the company thanked its customers and employees and expressed its pride at the work they had done to further the push towards net zero.
A spokesperson said: "Volta Trucks accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future.
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"Piloting in five countries in Europe, we received fantastic feedback, which led to a strong pipeline of highly reputed customers who wanted to introduce our Volta Zero Trucks into their fleets.
"However, like all scale-ups in the EV manufacturing sector, Volta Trucks has faced challenges along the way.
"The recent news that our battery supplier (Proterra) has filed for Chapter 11 Bankruptcy, has had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce."
They added: "With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden.
"The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners.
"We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle."
It comes after a major Chinese EV company went bust last week, despite enjoying the backing of a giant tech company.
Meanwhile, a big-name brand has slashed 2,500 jobs in a cost-cutting driver, with hundreds of UK employees at risk.