After making an initial splash in 2020, Volta Trucks is now filing for bankruptcy.
It’s a challenging time for EV startups right now, as we’ve seen from high-profile bankruptcies like Lordstown Motors earlier this year. Today, electric truck maker Volta announced it would file for bankruptcy in Sweden. After it first unveiled the ‘Zero’ 16-ton commercial truck in 2020, we’ve occasionally seen updates on milestones the company aimed for as it targeted full-scale production. However, Volta Trucks has struggled to raise money in recent months, and suffered another major blow as its Proterra, its battery supplier, also filed for bankruptcy.
Volta released the following statement Tuesday: “With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden. 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.”
To-date, Volta Trucks racked up 5,000 reservations from interested customers. It initially raised 300 million Euros (or about $316 million) to fund its early operations. As for the truck itself, the company showed off its vision for commercial vehicles of the future, with a central driving position and a fully electric drivetrain utilizing a 225-kWh battery pack. Volta aimed to build the Zero truck with Steyr, at a factory site in Austria.
While the Swedish company struggled to gather momentum, its European rivals including Mercedes-Benz and Volvo Trucks continue to launch and develop their own electric offerings. The company said in its statement that it would also file for administration in the UK, in addition to its proceedings in Sweden.
