Volta Trucks to file for bankruptcy
The decision follows the recent news that Volta Trucks' battery supplier has filed for bankruptcy. This has had a significant impact on the company’s manufacturing plans, reducing the volume of vehicles that it had forecast to produce, the Volta Trucks board said.
Volta Trucks Limited will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office. Other group entities will soon file for insolvency proceedings in the relevant jurisdictions.
Volta Trucks created the world’s first purpose built 16 t all-electric truck and is running pilots in five European countries, which has resulted in a strong pipeline of customers who want to introduce Volta Zero Trucks into their fleets. (ben)