Bankruptcy of Volta Trucks

author: FutureCar Staff    

Volta Trucks, a Swedish electric commercial vehicle manufacturer, has announced that it has filed for bankruptcy. The company cited challenging market conditions as the reason for its financial difficulties, which were exacerbated by the bankruptcy of its battery supplier, Proterra.

The Volta Zero, a 7.5-metric ton electric truck, is known for its unique features that make it ideal for clean last-mile deliveries. It offers a 220° field of vision around the vehicle, thanks to its glasshouse-style cab. The traditional mirrors have been replaced with rearview cameras, and additional safety features include a 360° birds-eye camera and blind-spot warning sensors.

One of the standout features of the Volta Zero is the driver's position. The driver sits much lower than in a conventional truck, with their eye-line at around 1.8m, matching the height of pedestrians. The central driving position allows the driver to enter and exit the vehicle from either side.

The first Volta Zero rolled off the production line in Austria in September 2022. In early 2023, Volta Trucks announced plans to produce 300 Volta Zero trucks this year, generating approximately €85m (US$89.5m) in revenue. The German Federal Ministry for Digital and Transport also approved the subsidization of 151 all-electric Volta Zero trucks, providing support worth €24.6m (US$26m) to Volta Trucks' customers.

In a statement, the Volta Trucks board expressed their regret at having to file for bankruptcy. They acknowledged the significant impact this decision will have on their dedicated workforce, as well as their customers and partners. The board also praised the team at Volta Trucks for their pioneering work in developing an innovative zero-emission commercial vehicle.

The board explained that the bankruptcy filing was a result of the challenges faced by the company in the EV manufacturing sector. The recent news of Proterra's bankruptcy had a substantial impact on Volta Trucks' manufacturing plans, reducing the number of vehicles they had projected to produce. The uncertainty surrounding their battery supplier also affected their ability to raise sufficient capital, given the already challenging environment for electric vehicle players.

As a result, the board made the difficult decision to file for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will soon file for administration in England, with insolvency practitioners from Alvarez & Marsal expected to take over. Other Group entities will also initiate insolvency proceedings in their respective jurisdictions.

The board expressed gratitude towards the Volta Trucks team and their pioneering work in delivering an innovative zero-emission commercial vehicle. They emphasized the positive impact the Volta Zero could have had on decarbonizing the environment, improving health and safety, and enhancing air quality in urban centers.

FutureCar Staff