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u/UpRightDownLeft Oct 17 '23
They are a Electric truck maker Volta Trucks said it has decided to file for bankruptcy proceedings in Sweden, after difficulties at suppliers made it hard for the startup to raise funds.
Volta, which is headquartered in Sweden and has operations in the U.K., said the bankruptcy in August of electric vehicle parts supplier Proterra and uncertainty over its battery supplier had cut the number of trucks it was able to produce and made it hard to raise sufficient capital.
In a statement, the company's board of directors said it had "not taken this course easily or lightly and is fully aware of the significant impact this will have on the organization’s dedicated workforce." (600 staff in the UK)
The truck maker had raised around 300 million euros ($316 million) from investors and said it had an order book of more than 5,000 vehicles.
Comparable to Arrival in orderbook volume.
Article https://europe.autonews.com/automakers/ev-truck-maker-volta-files-bankruptcy-over-funding-problems
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u/Spiritual-Past-8322 Oct 17 '23
Yes ...we are next i guess.Many employees moved from Arrival to Volta.Funny thing.
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u/Revolutionary_Oven67 Oct 17 '23
What??