Volta Trucks' Bankruptcy Filing

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【Summary】Swedish electric commercial vehicle manufacturer Volta Trucks has filed for bankruptcy due to challenging market conditions following the bankruptcy of its battery supplier, Proterra. The company's unique Volta Zero truck, designed for clean last-mile deliveries, featured innovative features such as a glasshouse-style cab with a 220° field of vision.

FutureCar Staff Oct 17, 2023 4:32 PM PT

Volta Trucks, a Swedish electric commercial vehicle manufacturer, has filed for bankruptcy due to challenging market conditions following the bankruptcy of its battery supplier, Proterra.

The Volta Zero, a 7.5-metric ton electric vehicle, offers clean last-mile deliveries with its unique features. These include a glasshouse-style cab that provides a 220° field of vision around the vehicle, rearview cameras replacing traditional mirrors, a 360° birds-eye camera, and blind-spot warning sensors.

The driver's position in the Volta Zero is lower than in a conventional truck, with an 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.

In September 2022, the first Volta Zero rolled off the production line in Austria. At the beginning of 2023, Volta Trucks announced plans to produce 300 Volta Zero trucks, generating approximately €85m (US$89.5m) in revenue.

In April, the Federal Ministry for Digital and Transport in Germany approved the subsidization of 151 all-electric Volta Zero trucks, providing support worth €24.6m (US$26m) to Volta Trucks' customers. Companies such as DPD (Geopost), DB Schenker, and M&S were among those trialing the Volta Zero.

The Volta Trucks board released a statement acknowledging the company's achievements since its establishment in 2019. They highlighted the creation of the world's first purpose-built 16-metric ton all-electric truck, which aimed to decarbonize the environment and improve the health, safety, and air quality of urban centers.

Despite positive feedback and a strong customer pipeline, Volta Trucks faced challenges as an EV manufacturer. The bankruptcy of their battery supplier, Proterra, had a significant impact on their manufacturing plans and ability to raise sufficient capital in an already challenging market for electric vehicle players.

With deep regret, the board made the difficult decision to file for bankruptcy proceedings in Sweden. Volta Trucks Limited, the main trading entity of the Group, will soon file for administration in England. Other Group entities will also commence insolvency proceedings in their respective jurisdictions.

The board acknowledges the significant impact this decision will have on the dedicated workforce, as well as customers and partners. They express gratitude to the Volta Trucks team for their pioneering work in delivering an innovative zero-emission commercial vehicle.