Jobs at risk after electric lorry start-up files for bankruptcy

Written by Paul Homewood on October 25, 2023. Posted in Current News

What was it they were saying about all of those green jobs?

Hundreds of British jobs are at risk after a Swedish electric truck start-up filed for bankruptcy.

Volta Trucks, which had been developing a 16-tonne all-electric vehicle, said it had filed for bankruptcy in Sweden after its main battery supplier collapsed.

Its UK division is also applying for administration and intends to appoint insolvency experts Alvarez & Marsal.

The collapse puts roughly 600 British jobs at risk. The majority of Volta’s 850 staff were based in the UK, largely in the Midlands.

The company said:

“Volta Trucks accomplished a great deal from a standing start in 2019, revolutionising commercial vehicle operations for a sustainable future.

However, like all scale-ups in the EV manufacturing sector, Volta Trucks has faced challenges along the way.”

It is the latest electric vehicle company to run into difficulties.

A wave of EV start-ups have emerged in recent years amid booming interest in ‘green’ technologies and ready access to venture capital funding.

However, many of them have since gone bust as economic conditions worsened and interest rates have risen.

Others have experienced lengthy production delays.

So much for ‘sustainability’.

See more here notalotofpeopleknowthat

Header image: Automotive News Europe

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