Electric truck maker Volta fails after provide chain breakdown putting 600 jobs in danger
Volta Trucks, the Swedish electric lorry firm with extensive British operations, has announced that it is to file for bankruptcy, putting hundreds of jobs at risk, after a breakdown in its supply chain prevented it from raising sufficient funds. Read more: Electric truck maker Volta fails after supply chain breakdown placing 600 jobs at risk Swedish electrical lorry company, Volta Trucks, has announced it will file for chapter due to a chain breakdown that puts 600 jobs at risk. The move comes after its battery supplier, Proterra, filed for chapter safety in August, causing Volta to overlook manufacturing targets. The Swedish company, which employs about 600 people in the UK, aims to supply battery-powered supply vans for fleets in 2019 and has created the world's first purpose-built, 16-tonne electric truck, the Volta Zero. Volta's board stated that the company had achieved a great deal from a standing start in 2019, but faced challenges in the electric vehicle manufacturing sector. The company will file to administration within the UK and the place insolvency practitioners at Alvarez & Marsal are expected to be appointed as directors.
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Volta Trucks, the Swedish electrical lorry agency with intensive British operations, has introduced that it’s to file for chapter, placing a whole lot of jobs in danger, after a breakdown in its provide chain prevented it from elevating enough funds.
The choice comes after its battery provider, the US agency Proterra, filed for chapter safety in August, inflicting Volta to overlook manufacturing targets.
Though headquartered in Stockholm, Volta has most of its enterprise and engineering operations within the UK the place it employs about 600 folks out of an organization complete of 850 with bases in Warwick, Coventry and Reading. It additionally has a service centre in north London.
Founded in 2019, it aimed to supply battery-powered supply vans for fleets and created what it mentioned was the world’s first purpose-built, 16-tonne absolutely electrical truck, the Volta Zero.
It has been conducting buyer trials of the truck within the UK and different European international locations. It has a central driving place to permit it for use in each left and right-hand drive international locations, together with a claimed vary of 200km to permit for a number of drops.
A press release from Volta’s board mentioned: “Volta Trucks accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future. However, like all scale-ups in the electric vehicle manufacturing sector, Volta Trucks has faced challenges along the way. The recent news that our battery supplier, Proterra, has filed for . . . bankruptcy has had a significant impact on our manufacturing plans . . . [and] also negatively affected our ability to raise sufficient capital.”
Last November Volta raised $633 million and ready to ship its first vans. Essa Al-Saleh, chief government, mentioned it had been concentrating on an preliminary public providing subsequent 12 months. The firm has mentioned it had an order guide of greater than 5,000 automobiles. It had picked a manufacturing unit in Austria to make its vans and the primary deliveries of its automobiles had been anticipated in Sweden this 12 months.
One of Volta’s largest shareholders, Byggmastare Anders J Ahlstrom, mentioned Proterra’s submitting got here “at the absolute worst time when production was to be scaled up,” Bloomberg reported.
Volta will file for chapter in Sweden and the primary buying and selling entity, Volta Trucks Limited, will file for administration within the UK the place insolvency practitioners at Alvarez & Marsal are anticipated to be appointed as directors.
Volta added: “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.”
Volta is the most recent electrical car firm to run into difficulties as financial circumstances worsen and rates of interest rise. Lordstown Motors, a US electrical trucking agency as soon as valued at $1.6 billion, filed for chapter safety in June and this week the Chinese agency WM Motor collapsed after having been valued at $2 billion this 12 months.
Temas: Green Energy, Electric Vehicles