Volta Trucks files for bankruptcy

In News1 MinutesBy NZ Trucking magazineOctober 20, 2023

Electric truck maker Volta Trucks will file for bankruptcy proceedings in Sweden.

It comes after difficulties at suppliers made it hard for the EV startup to raise funds.

Volta, which is headquartered in Sweden and has operations in the United Kingdom, said the bankruptcy in August of electric vehicle parts supplier Proterra and uncertainty over its battery supplier had cut the number of trucks it was able to produce and made it hard to raise sufficient capital.

The company will also shortly file for bankruptcy in Britain.

In a statement, the company’s board of directors said it had “not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce”.

The electric truck maker had raised around 300 million euro from investors and said it had an order book of more than 5000 vehicles.

Volta Trucks had picked a factory in Austria to make its trucks and had been working toward mass production.