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. Biden once praised 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.
“While 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.
By Tom Ozimek
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