It’s the latest industry newcomer to fail due to a lack of funding.
Volta Trucks has declared bankruptcy in Sweden after four years in business. The EV manufacturers’ board announced the news in a statement that thanked its workers and pointed to its existing accomplishments and unattained potential. “We created the world’s first purpose-built 16-tonne all-electric truck, including a unique cab and chassis design, that would have contributed to decarbonising the environment and enhanced the health and safety and air quality of urban centres.” The company had piloted its delivery vehicle, Volta Zero, in five European countries and originally planned to expand to Los Angeles in mid-2023.
Volta Trucks blames its situation, in part, on that of another bankruptcy: Its battery supplier, Proterra, filed for bankruptcy protection in August following cost-trimming efforts. According to Volta Trucks, this turn of events reduced the number of vehicles it planned to produce and made raising the capital necessary to continue operations more challenging.
The EV industry has faced a great deal of layoffs and closures, especially from startups navigating the ever-evolving (and supply chain issues-plagued) field. Lordstown Motors declared bankruptcy in mid-2023 after five years in business, and Arrival has gone through multiple rounds of layoffs with all signs pointing toward bankruptcy — to name only two examples. As was the case with Lordstown Motors, Volta Trucks could seek a buyer for its existing technology.
