Electric Vehicle Company Heavily Promoted by Biden Admin Goes Bankrupt

[PeteS in CA]

Electric Vehicle Company Heavily Promoted by Biden Admin Goes Bankrupt

Electric Vehicle Company Heavily Promoted by Biden Admin Goes Bankrupt

Proterra, an electric bus manufacturing company promoted by the Biden administration, had everything it needed to succeed - and failed anyway.

As the Washington Free Beacon’s Chuck Ross reported:

Proterra cited "various market and macroeconomic headwinds" in a Chapter 11 filing on Monday, which came after the California-based firm cut hundreds of jobs earlier this year and restructured hundreds of millions of dollars in outstanding debt.

Proterra stood to rake in millions from Biden's infrastructure and green energy initiatives, the former of which included at least $5 billion in spending on electric buses alone. Biden's flagship climate bill, the Inflation Reduction Act, also includes spending to help cities convert from diesel buses to electric buses, a major incentive for companies like Proterra.

Proterra seems to have lacked quality and had a board member who was less than ethical:

https://www.gopbriefingroom.com/index.php/topic,481095.0.html
https://www.gopbriefingroom.com/index.php/topic,443520.0.html
https://www.gopbriefingroom.com/index.php/topic,442800.0.html
https://www.gopbriefingroom.com/index.php/topic,500652.0.html
https://www.gopbriefingroom.com/index.php/topic,454471.0.html
https://www.gopbriefingroom.com/index.php/topic,436171.0.html

[Smokin Joe]

It'd be interesting to see who in the Administration liquidated what assets there when...

[jafo2010]

The TOTAL FAILURE of the EV industry remains intact.  The fact is the federal government cannot subsidize this industry forever.  It is an industry doomed to fail.  That is the only option.  Why?  Because it is NOT COMPETITIVE in a capitalist market. 

Truth be told, they do nothing to enhance the environment when one considers everything that goes into making one of these cars/trucks/buses.  Nothing green about EV vehicles.  NOTHING!!!!  That is a fantasy.

The government squandering taxpayer dollars on this is doing nothing but funding people of wealth to buy these cars.  And it gets worse with buses in terms of dollars squandered.

[corbe]

I've Seen That Movie Too (Remastered 2014)


https://www.youtube.com/watch?v=LTYWNG_277M