Major Electric Vehicle Company Promoted by Biden Declares Bankruptcy

The Epoch Times Header

Proterra, the California-based electric vehicle (EV) company touted by President Joe Biden, has filed for bankruptcy.

The company, which made electric buses and parts for EVs, cited “various market and macroeconomic headwinds” in announcing on Aug. 8 that it was filing for Chapter 11 bankruptcy protection.

The firm, which Mr. Bidenย once praisedย for helping America get in the game of trying to become the world’s biggest manufacturer of electric buses, said it was seeking bankruptcy protection as it tries to raise more operating capital or find a buyer.

“Well, you’re making a big difference, man,” President Biden said during a 2021 virtual tour of a Proterra facility. “We have a lot of catching up to do, but we’re going to be in a position where we ought to own the future,” he continued, adding that the United States should set its sights on becoming the single most significant supplier of EVs and buses in the world.

“Right now we’re running way behind China, but you guys are getting us in the game,” the president added.

China is the world’s leading manufacturer of EVs and the Biden administration has made bridging that gap one of its priorities as it pursues aggressive net-zero emission goals as part of its fight against climate change.

Proterra, which, besides making electric buses exports its battery technology to European and Asia-Pacific markets, plans to sharpen its focus on supplying batteries, according to its CEO, Gareth Joyce.

โ€œWhile our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” Mr. Joyce said in a statement.

In its Chapter 11 petition, Proterra listed assets and liabilities of at least $500 million. In June 2021, the company went public by merging with a blank-check company, with its shares falling since then from around $15 to under $2.

Byย Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why Fishermen Are Catching Fewer Lobsters in Maine

For veteran lobsterman Travis Dammier, it was the end of another trip at sea on a solo voyage to earn a living.

Viewers like you

There is no constitutional authority for any spending on public broadcasting โ€“ period. Any questions: See Article 1, Section 8 of the U.S. Constitution.

Beyond the Trump-Musk fallout?

We are witnessing an unprecedented, unhinged Democrat effort to use lawfare, big Democrat donors, street theater, congressional disruptions, potty-mouth videos, the administrative state, the legacy media, and discredited pollsters to stop the Trump agenda.

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

News

Judge Declines to Block Trump Admin From Dismantling Library Services Agency

A federal judge cleared the way for the Trump admin to move forward with plan to dismantle the federal agency that funds libraries nationwide.

US Travel Ban Will Not Hinder Los Angeles Olympics, LA28 CEO Says

Trumpโ€™s directive banning citizens from 12 countries from entering US exempts athletes. Officials confident Games have full backing of administration.

Musk Mulls New Political Party Amid Feud With Trump

Elon Musk is considering launching a new political party in wake of his public fallout with President Trump over a major Republican tax and spending bill.

Citigroup Reverses Course on Controversial Firearm Policies

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who havenโ€™t passed background checks.

Supreme Court Sides With DOGE in Social Security, Records Cases

The Supreme Court handed DOGE two big wins late on June 6 in its effort to reduce the size of the federal government.

Kilmar Abrego Garcia Returns to US to Face Criminal Charges

Kilmar Abrego Garcia, a citizen of El Salvador, is on his way back to the US, where he will face criminal charges for allegedly smuggling illegal immigrants.

White House Adviser Gives Update on DOGEโ€™s Future Amid Muskโ€“Trump Spat

A top White House adviser said DOGEโ€™s work will likely continue amid a spat between its former chief, Elon Musk, and President Donald Trump.

Trump Administration Asks Supreme Court to Allow Dismantling of Education Department

Trump admin asked Supreme Court to allow it to resume dismantling U.S. Dept of Education, following a lower courtโ€™s previous order halting process.
spot_img

Related Articles