Volta Trucks, a formidable contender in the electric semi-truck industry and a competitor to giants like Tesla and Volvo, has recently taken a hit as the company initiated the process of filing for bankruptcy in Sweden. This unfortunate turn of events comes merely a few years after Volta’s promising inception in 2019.
The primary catalyst for this financial turmoil can be attributed to the woes surrounding Volta’s battery supplier, Proterra, which filed for Chapter 11 Bankruptcy in August. The ripple effect from Proterra’s financial instability created an uncertain and challenging environment that significantly impeded Volta’s ability to secure the necessary funding for sustained operations.
In a solemn statement, Volta expressed the gravity of their decision, acknowledging the profound impact it would have on their dedicated workforce, customers, and partners. They also extended their heartfelt appreciation to the entire Volta Trucks team for their pioneering work in developing innovative zero-emission commercial vehicles.
Volta Trucks was founded in 2019 by Carl-Magnus Norden and Kjell Waloen with an ambitious mission to accelerate the global transition to fully electric trucks and combat the ever-pressing issues related to climate change.
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Despite their laudable mission, Volta struggled to scale up mass production and had managed to secure a total of $316 million from investors. Impressively, they had garnered 5,000 pre-orders for their flagship Volta Zero electric truck.
While the electric semi-truck sector remains a niche subcategory within the broader electric vehicle industry, it’s a field that even Tesla, led by Elon Musk, has shown interest in. Tesla initially announced its electric semi in 2017 but only made its first delivery in December 2022, with delivery numbers remaining undisclosed. Nevertheless, notable companies like PepsiCo have begun acquiring Tesla semi-trucks.
In contrast, as of February 2023, Volvo boasted its dominance in Europe’s electric truck market, holding a remarkable 32% market share. Volvo announced that they had successfully sold more than 4,300 electric trucks in over 38 countries. This success positions Volvo as a formidable force in the electric truck industry, especially in the European market.
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