Current:Home > ScamsElectric bus maker Proterra files for Chapter 11 bankruptcy protection-LoTradeCoin
Electric bus maker Proterra files for Chapter 11 bankruptcy protection
View Date:2024-12-23 22:27:49
BURLINGAME, Calif. (AP) — Electric bus and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware.
The Burlingame, California, company is a big supplier of buses to transit systems across the nation. A statement on Proterra’s website Monday said that it intends to maintain normal operations and will file motions with the court to use existing capital to keep funding operations, including paying employees, vendors and suppliers.
President Joe Biden visited the company’s factory in South Carolina in 2021 to highlight U.S. electric vehicle makers.
The company said in the statement that it’s taking action to separate its business units “to maximize their independent potential.” It sells heavy truck, van, bus and off-highway equipment equipment in the U.S., European and Asia-Pacific markets.
“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,” CEO Gareth Joyce said in the statement. “As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
Shares in Proterra Inc. closed Tuesday down more than 88% at 17 cents.
veryGood! (17878)
Related
- Diamond Sports Group can emerge out of bankruptcy after having reorganization plan approved
- Gabrielle Union and Dwyane Wade Shower Daughter Zaya With Love On Her 17th Birthday
- Russian court extends the detention of a Russian-US journalist
- Cleveland father found guilty of murder for shoving baby wipe down 13-week-old son's throat
- Advocates Expect Maryland to Drive Climate Action When Trump Returns to Washington
- Ryan Reynolds and Blake Lively Are True Lovers at Taylor Swift’s Eras Tour Show
- Clouds, high winds hamper efforts to rescue 2 climbers on North America’s tallest peak
- Russian court extends the detention of a Russian-US journalist
- Mississippi Valley State football player Ryan Quinney dies in car accident
- Another Michigan dairy worker has bird flu, the third US case this year
Ranking
- A growing and aging population is forcing Texas counties to seek state EMS funding
- New Hampshire refuses to reinstate license of trucker acquitted in deadly crash
- Police, Army investigators following leads in killing of Fort Campbell soldier
- This week on Sunday Morning (June 2)
- Minnesota man is free after 16 years in prison for murder that prosecutors say he didn’t commit
- Power conferences join ACC in asking a Florida court to keep the league’s TV deals with ESPN private
- AP analysis finds 2023 set record for US heat deaths, killing in areas that used to handle the heat
- Kris Jenner reflects on age gap in relationship with Corey Gamble: 'A ... big number'
Recommendation
-
Wendi McLendon-Covey talks NBC sitcom 'St. Denis Medical' and hospital humor
-
Texas Democrat who joined GOP in supporting ban on gender-affirming care for minors loses primary
-
Drake has his own solo song on Camila Cabello's new album without her: Here's why
-
Police say several people have been hurt in a stabbing in the German city of Mannheim
-
The Best Gifts for People Who Don’t Want Anything
-
Oil executives imprisoned five years in Venezuela sue former employer Citgo for $400 million
-
Lenny Kravitz Reveals He's Celibate Nearly a Decade After Last Serious Relationship
-
6-year-old girl fatally struck by car while crossing street in California, sister injured