Electric truck start-up blames funding difficulties and supplier problems
Electric truck start-up Volta Trucks will file for bankruptcy in the UK having gone bust in its home country of Sweden. The firm, which has a base in the UK, has had difficulties in raising enough funds to stay afloat “in an already challenging capital-raising environment for electric vehicle players” due to uncertainties around battery suppliers, it said. This, in turn, stalled production.
In a statement the board confirmed that having started bankruptcy proceedings in Sweden, it will also shortly file for bankruptcy in Britain. The start-up was known for its purpose-built 16-tonne all-electric truck that was created with a goal of reducing pollution within cities and urban areas. Testing had already taken place in five countries in Europe. Order books stood at more than 5000 vehicles and investment totalled around £2.6 million.
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