Biden-backed electric vehicle company files for bankruptcyBy Josh Christenson
August 8, 2023
President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.
Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.
In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.
He has promoted Proterra several times since taking office, and once virtually toured a facility.
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Source:
https://nypost.com/2023/08/08/biden-backed-electric-vehicle-company-files-for-bankruptcy/