Electric semi-truck competitor Volta Trucks said Tuesday that it has begun the process of filing for bankruptcy in Sweden, only a few years after the company got its start in 2019.
Volta said in a statement that its manufacturing plans took a heavy hit when its battery supplier Proterra filed for Chapter 11 Bankruptcy in August. The uncertainty that emanated from that suddenly challenging environment hindered the company's ability to raise enough money to remain viable.
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"The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organization’s dedicated workforce, as well as customers and partners," Volta said in a statement.
"We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle."
Volta was founded in 2019 by Carl-Magnus Norden and Kjell Waloen with the mission to boost the world's transition to fully electric trucks in an effort to accelerate the fight against a fast-changing climate.
Volta, struggling to make its way into mass production, had raised a total of $316 million from investors and said it had 5,000 pre-orders for its flagship Volta Zero electric truck.
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Though the electric semi truck is a slightly more niche subcategory beneath the EV umbrella, it is a sector that Elon Musk's Tesla (TSLA) -) has been eager to get into. First announced in 2017, Tesla didn't deliver its first electric semi until December 2022; the number of deliveries remains unclear, though PepsiCo (PEP) -) has acquired a growing fleet of Tesla semis.
As of February 2023, however, Volvo (VOLAF) -) said it was the leader of Europe's electric truck market, with a 32% market share. The company said at the time that it had sold more than 4,300 electric trucks across more than 38 countries.
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