Proterra, an electric bus and truck manufacturer based in Burlingame, Calif., has announced that it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware. Despite this financial setback, the company plans to maintain normal operations and continue funding its business activities, including the payment of employees, vendors, and suppliers.
President Joe Biden previously visited Proterra's factory in South Carolina in 2021 as a way to showcase American electric vehicle manufacturers. The company operates in several markets, including the United States, Europe, and the Asia-Pacific region, where it sells heavy trucks, vans, buses, and off-highway equipment.
CEO Gareth Joyce emphasized that Proterra's EV and battery technologies have set an industry standard. However, the company has faced various challenges in scaling its operations due to market and macroeconomic headwinds. Despite these difficulties, Proterra aims to refocus its efforts as a leading supplier of EV battery technology to meet the growing demand for electrification in commercial vehicles.
As a result of the recent news, shares in Proterra Inc. saw a significant decline of over 88%, closing at just 17 cents on Tuesday.
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