Proterra, 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.
“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,” Proterra Chief Executive Officer Gareth Joyce said in the statement.
The firm has business units that make EV batteries and chargers for original equipment manufacturers as well as a division that produces entire buses, according to regulatory filings. Through the end of 2022, most of the company’s revenue came from selling electric buses. The company went public by merging with a blank-check company in June 2021. Since then, its shares have fallen from more than $15 to less than $2.
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.
EU tech envoy: 'The winds have changed' on regulating Silicon ValleyGerard de Graaf, the EU's tech envoy in Silicon Valley, believes that the tech industry is more open to regulation than previously thought. Thierry Breton, European Commissioner for Internal Market, recently visited Silicon Valley to discuss the Digital Services Act.
Read more »
Two people in custody after separate wrong-way incidents in the West ValleyBREAKING OVERNIGHT: Two people are in custody after separate overnight wrong-way incidents on West Valley freeways. One of the drivers was reportedly driving the wrong way for close to 15 miles.
Read more »
Health officials warn of rise in Valley Fever infections across CaliforniaCalifornia public health officials urge caution as high rainfall this past winter could lead to an increase in Valley fever infections across the state.
Read more »
Community meetings in the San Fernando Valley, Aug. 7-14Find a book club, neighborhood council, a veterans group and other meetings.
Read more »
Anchorage man hit, killed by vehicle in Happy ValleyAn Anchorage man was hit and killed by a vehicle in Happy Valley early Sunday morning.
Read more »