Proterra's Electric Bus Journey: Bankruptcy and Broader Market Trends
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Proterra's Electric Bus Journey: Bankruptcy and Broader Market Trends
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Documenting the downfall of Proterra, an American electric vehicle manufacturer that filed for Chapter 11 bankruptcy in August 2023 after years of financial instability. Multiple factors contributed to their collapse, including high production costs, custom build requirements for their electric buses, lengthy manufacturing lead times, and intense competition from global companies like BYD. The sources also detail the subsequent auctioning off of Proterra's assets, with Volvo acquiring the Proterra Powered battery business, Phoenix Motorcars purchasing the transit bus division, and Cowen Equity taking over the Proterra Energy charging systems. Finally, the texts touch upon a shareholder lawsuit alleging misleading financial information and mention structural and battery-related issues found in some of Proterra's buses by transit agencies.