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Volvo completes Proterra acquisition

Volvo Group has officially taken over the bankrupt business after it won the bidding war for the company late last year

Volvo Group has announced that it has completed the acquisition of battery business Proterra and its operating company. 

The acquisition has been in the works since November 2023 after Volvo acquired Proterra for US$210 million. 

Prior to the acquisition, Reuters reported in August that the electric vehicle parts company had entered into Chapter 11 bankruptcy protection. 

The acquisition now includes a new development centre for battery modules and packs in California and an assembly factory in Greer, South Carolina after the deal was adjusted before closing. 

Volvo says that it intends to deliver Proterra products to select customers going forward. Volvo says that the transaction also has no material impact on its financial performance. 

“These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery-electric roadmap even further,” Volvo Group chief technical officer Lars Stenqvist says. 

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