Volta Trucks, a Swedish electric truck startup, has filed for bankruptcy after failing to secure a battery supplier and additional capital. The company, founded in 2017, had developed a prototype of a fully electric truck scheduled to go into production in 2023.
However, Volta Trucks could not secure a battery supplier after its original supplier, Proterra, went bankrupt in August 2022. The company was also unable to raise additional capital to support its operations.
Volta Trucks’ bankruptcy is a setback for the electric vehicle industry. The company was seen as one of the leading contenders in the emerging market for electric trucks. Volta Trucks’ trucks were designed to be more efficient and environmentally friendly than traditional diesel trucks.
The company’s bankruptcy also raises concerns about electric vehicle startups’ challenges. Many startups need help raising capital and securing supplies of key components, such as batteries. These challenges will likely continue in the near term as the electric vehicle industry grows and matures.
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