Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Electric truck maker Volta fails after supply chain breakdown placing 600 jobs at risk

by October 18, 2023
October 18, 2023
Electric truck maker Volta fails after supply chain breakdown placing 600 jobs at risk

Volta Trucks, the Swedish electric lorry firm with extensive British operations, has announced that it is to file for bankruptcy, putting hundreds of jobs at risk, after a breakdown in its supply chain prevented it from raising sufficient funds.

The decision comes after its battery supplier, the US firm Proterra, filed for bankruptcy protection in August, causing Volta to miss production targets.

Though headquartered in Stockholm, Volta has most of its business and engineering operations in the UK where it employs about 600 people out of a company total of 850 with bases in Warwick, Coventry and Reading. It also has a service centre in north London.

Founded in 2019, it aimed to provide battery-powered delivery trucks for fleets and created what it said was the world’s first purpose-built, 16-tonne fully electric truck, the Volta Zero.

It has been conducting customer trials of the truck in the UK and other European countries. It has a central driving position to allow it to be used in both left and right-hand drive countries, along with a claimed range of 200km to allow for multiple drops.

A statement from Volta’s board said: “Volta Trucks accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future. However, like all scale-ups in the electric vehicle manufacturing sector, Volta Trucks has faced challenges along the way. The recent news that our battery supplier, Proterra, has filed for . . . bankruptcy has had a significant impact on our manufacturing plans . . . [and] also negatively affected our ability to raise sufficient capital.”

Last November Volta raised $633 million and prepared to ship its first trucks. Essa Al-Saleh, chief executive, said it had been targeting an initial public offering next year. The company has said it had an order book of more than 5,000 vehicles. It had picked a factory in Austria to make its trucks and the first deliveries of its vehicles were expected in Sweden this year.

One of Volta’s biggest shareholders, Byggmastare Anders J Ahlstrom, said Proterra’s filing came “at the absolute worst time when production was to be scaled up,” Bloomberg reported.

Volta will file for bankruptcy in Sweden and the main trading entity, Volta Trucks Limited, will file for administration in the UK where insolvency practitioners at Alvarez & Marsal are expected to be appointed as administrators.

Volta added: “The board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners. We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle.”

Volta is the latest electric vehicle company to run into difficulties as economic conditions worsen and interest rates rise. Lordstown Motors, a US electric trucking firm once valued at $1.6 billion, filed for bankruptcy protection in June and this week the Chinese firm WM Motor collapsed after having been valued at $2 billion this year.

Read more:
Electric truck maker Volta fails after supply chain breakdown placing 600 jobs at risk

0
FacebookTwitterGoogle +Pinterest
previous post
UK car industry calls for delay to EU electric cars tariffs to boost sales
next post
UK inflation rate holds steady at 6.7%

You may also like

ToDate, a dating app set to eliminate catfishing...

December 2, 2022

Founders who create safe environment for employees more...

May 23, 2023

Services sector shrinks for first time since lockdown

November 4, 2022

From Graduate to Groundbreaker: Dame Alison Rose’s 30-Year...

June 17, 2025

Britain’s battery industry could spark revival with local...

August 2, 2024

Nationwide limits crypto exchange payments as consumer risk...

March 3, 2023

Almost half of U.K. employees find their work...

May 2, 2023

Barclays launches £22bn fund and new business prosperity...

November 13, 2024

Accell Group Appoints Dutch Finance Veteran, Gijsbert de...

June 25, 2024

Solitaire.io launches Kickstarter campaign for “Mosh Idols Punk...

May 12, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s Debanking Order Calls for Investigation, Something Tennessee Should Have Done

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • $93 million in aid to fight malnutrition headed to 12 African countries, Haiti, State Dept says

      August 7, 2025
    • America’s Not-So-Secret Secret Police

      August 7, 2025
    • Poll: Nearly 1 in 4 Americans Think They Have a Personal Social Security Account

      August 7, 2025
    • Republican senator claims RFK Jr. mRNA vaccine decision undermines Trump agenda

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,185)
    • Politics (16,335)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved