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has declared bankruptcy in Sweden after four years in business. The that thanked its workers and pointed to its existing accomplishments and unattained potential. "We created the world's first purpose-built 16-tonne all-electric truck, including a unique cab and chassis design, that would have contributed to decarbonising the environment and enhanced the health and safety and air quality of urban centres." The company had piloted its delivery vehicle, Volta Zero, in five European countries and originally in mid-2023.
Volta Trucks blames its situation, in part, on that of another bankruptcy: Its battery supplier, , filed for bankruptcy protection in August following cost-trimming efforts. According to Volta Trucks, this turn of events reduced the number of vehicles it planned to produce and made raising the capital necessary to continue operations more challenging.
The EV industry has faced a great deal of layoffs and closures, especially from startups navigating the ever-evolving (and supply chain issues-plagued) field. in mid-2023 after five years in business, and with all signs pointing toward bankruptcy — to name only two examples. As was the case with Lordstown Motors, Volta Trucks could seek a buyer for its existing technology.
This article originally appeared on Engadget at
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Volta Trucks blames its situation, in part, on that of another bankruptcy: Its battery supplier, , filed for bankruptcy protection in August following cost-trimming efforts. According to Volta Trucks, this turn of events reduced the number of vehicles it planned to produce and made raising the capital necessary to continue operations more challenging.
The EV industry has faced a great deal of layoffs and closures, especially from startups navigating the ever-evolving (and supply chain issues-plagued) field. in mid-2023 after five years in business, and with all signs pointing toward bankruptcy — to name only two examples. As was the case with Lordstown Motors, Volta Trucks could seek a buyer for its existing technology.
This article originally appeared on Engadget at
Console Bang News!