Photo: Volta Trucks
EV developer Volta Trucks have announced that they will be taking steps to file for bankruptcy in Sweden.
The development means that around 600 auto jobs in the UK are currently at risk.
During the announcement, the Board of Volta Trucks said:
“The recent news that our battery supplier (Proterra) has filed for Chapter 11 Bankruptcy, has had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce.
“The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players.”
The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office.
It was reported that the Board did not take the decision to file for bankruptcy “easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce,” the company added.
The Volta Board also referenced the struggles of other electric vehicle (EV) companies in the recent months in their announcement, alluding to automaker Lordstown Motors who filed for bankruptcy over the summer, closely followed by China’s WM Motor.