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EV firm Proterra files for bankruptcy protection

BREAKING – Electric vehicle company Proterra has announced a shock change as supply chain issues continue to impact transport companies

Reuters has reported this morning that electric vehicle parts company Proterra has just filed for Chapter 11 bankruptcy protection as supply chain issues and slow demand continue to threaten transport companies.

Back in January 2021, Proterra was valued at US$1.6 billion following a merger deal, yet now Proterra has listed its assets and liabilities between $500 million and $1 billion, with a market value of $362 million.

“We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale,” Proterra CEO Gareth Joyce says.

Proterra makes electric buses and battery packs, with the company now intending to continue its operations in the ordinary course of business while also planning to file customary motions with the bankruptcy court to use existing capital to fund operations.

This announcement follows recent news that Proterra earlier this year was planning more job cuts and combining electric bus and battery production in South Carolina in a bid to cut costs.

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