Sweden’s Volta Trucks are preparing to file for bankruptcy amid a breakdown in its supply chain. Volta’s battery supplier Proterra Inc., failed, resulting in unsuccessful production targets. Volta released a statement emphasizing how the collapse has hurt their ability to raise sufficient capital in the already challenging environment for electric vehicle players. According to one of Volta’s largest shareholders, the Chapter 11 filing came at the absolute worst time when production was to be scaled up. In preparing to ship its first trucks, Volta raised funds at around $633 million.
Source: Volta Trucks Files for Bankruptcy after Supply Chain Fails
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