Electrical-vehicle ingredients supplier Proterra filed for Chapter 11 financial distress protection on Monday, making it the most fresh company to head belly up in an trade grappling with provide chain constraints, slowing quiz and a funding drought.
The switch comes weeks after Lordstown Motors filed for financial distress protection and repair itself up in the marketplace after failing to procure to the underside of a dispute over a promised funding from Foxconn.
Proterra, whose shares nearly about halved in worth after the bell, listed its resources and liabilities in the differ of $500 million to $1 billion. The corporate had a market worth of $362 million as of ultimate stop.
In January 2021, Proterra was as soon as valued at $1.6 billion, including debt, in a merger tackle a blank-evaluate firm.
„We now maintain got confronted a mode of market and macroeconomic headwinds which maintain impacted our capability to efficiently scale,” CEO Gareth Joyce said in an announcement.
Proterra, which makes electric buses as neatly as battery packs, said it intends to continue to aim in the weird route of enterprise. It plans to file the long-established motions with the financial distress courtroom to make instruct of present capital to fund operations.
The corporate earlier this year introduced plans for more job cuts and said this might occasionally combine electric bus and battery production in South Carolina because it looks to be to gleaming prices.