Another one bites the dust

[dan_b]

Yikes - wasn't expecting this news at all as it all seemed to be going in the right direction for them - a decent order book, a finished product and contract manufacturing in place at Magna Steyr.

EV Truck maker Volta Trucks files for Bankruptcy

https://www.reuters.com/markets/deals/e ... 023-10-17/

[Oliver90owner]

Bankruptcy means different things in different countries. In the USA it likely means just applying for protection from creditors, while in the UK it definitely means winding up the business.

What/which does it mean in Sweden? Hopefully it is the USA style.

[dan_b]

Not entirely sure. Seems like the collapse of their (sole) battery supplier in the US caused a loss of confidence by "investors".

Looks like they're trying a last minute exercise to find a buyer to take over. Said they were 30 days away from starting serial production.

https://www.reuters.com/business/autos- ... 023-10-19/

[dan_b]

Might Volta be rising from the ashes?

Looks like investor funding might rescue them afterall.
https://electricdrives.tv/volta-trucks- ... ankruptcy/

And perhaps this has helped - Volvo has bought/bailed out the Proterra battery company which was meant to be the sole battery supplier for Volta.
https://www.volvogroup.com/en/news-and- ... mpany.html

Although perhaps Volvo should just buy Volta and make it all neat?!

[Mart]

Dan my heart went then for a second, as Volvo shares are dropping fast as Geely struggles and is selling stock.

Then I realised this is the Volvo Group, such as trucks, which is a different company.

Hope I got this right, as my head is hurting?