Major creditor in talks to acquire Volta Trucks

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【Summary】Luxor Capital Group is in advanced talks to buy Volta Trucks, which filed for bankruptcy last month. The collapse of its battery supplier and reduced vehicle production impacted the company's ability to raise capital. Luxor Capital Group, a shareholder and lender to Volta, is reportedly close to reaching an agreement to buy the business. This could secure the future of the company and potentially save 850 jobs.

FutureCar Staff Nov 27, 2023 10:18 PM PT

Major creditor in talks to acquire Volta Trucks

Luxor Capital Group is reportedly in advanced talks to acquire Volta Trucks, the electric truck manufacturer that recently filed for bankruptcy in Sweden. Following the collapse of its battery supplier, Volta Trucks appointed administrators in the UK, which had a significant impact on its manufacturing plans and reduced the forecasted volume of vehicles to be produced.

The uncertainty surrounding its battery supplier also hindered Volta Trucks' ability to raise sufficient capital, particularly in the challenging capital-raising environment for electric vehicle manufacturers. In light of these circumstances, administrators Alvarez and Marsal have been actively searching for a potential buyer to secure the future of the business.

While the administrators have not commented on the matter, Sky News has reported that Luxor Capital Group, a New York-based company that was both a shareholder and lender to Volta Trucks, is close to finalizing a deal to acquire the business. Although an agreement could be reached in the coming days, sources have cautioned that the timeline may experience delays.

Volta Trucks' administration has put 850 jobs at risk, with 600 of those jobs located in the UK where the company had established a service hub in North London.