Electric bus, van and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.
BURLINGAME - Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.
The Burlingame company is a big supplier of buses to transit systems across the nation. A statement on Proterra's website Monday said that it intends to maintain normal operations and will file motions with the court to use existing capital to keep funding operations, including paying employees, vendors and suppliers.
President Joe Biden visited the company's factory in South Carolina in 2021 to highlight U.S. electric vehicle makers. The company said in the statement that it's taking action to separate its business units"to maximize their independent potential." It sells heavy truck, van, bus and off-highway equipment equipment in the U.S., European and Asia-Pacific markets.
"While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously," CEO Gareth Joyce said in the statement."As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley electric vehicle tech maker Proterra files for bankruptcyProterra, a leading electric vehicle technology company based in Silicon Valley, has filed for bankruptcy. The company plans to either recapitalize its businesses or sell them off. Despite the financial challenges, Proterra will continue its operations using existing funds.
Read more »
Proterra Files for Chapter 11 Bankruptcy, Stock PlummetsProterra, a major supplier of electric buses to transit systems, has announced its decision to seek Chapter 11 bankruptcy protection. The company plans to continue its operations and use existing capital to fund its activities, including paying employees, vendors, and suppliers.
Read more »
Route 1 in Delaware reopens after overturned truck detours traffic for hoursRoute 1 southbound near Route 72 in Delaware reopened early Tuesday evening after a crash involving a tractor trailer closed the road for hours. A tractor-trailer rolled over and crashed near the William V Roth Jr. Bridge, causing a spillage of Buckman's Liquid Shock on the roadway.
Read more »
State trooper injured after vehicle strikes police cruiser, flees down I-95 in Delaware CountyOfficials brought the trooper to Riddle Hospital with minor injuries. He has since been released.
Read more »
PSP: Trooper injured in hit-and-run while investigating Delaware County I-95 injury accidentA Pennsylvania State trooper and another person were both injured during a stop for an existing accident on I-95 southbound in Delaware County.
Read more »