The Briefing Room
General Category => Economy/Business => Topic started by: Kamaji on August 08, 2023, 07:52:33 pm
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Biden-backed electric vehicle company files for bankruptcy
By 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/
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In 2021, Joe Biden repeatedly praised the EV company Proterra — in which his own energy secretary was heavily invested — as "getting us in the game," "owning the future," and making "a lot of difference."
https://twitter.com/RNCResearch/status/1688948197870252038
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WSJ
Electric-Bus Maker Touted by President Biden Goes Bankrupt
Becky Yerak • 22h
Proterra, an electric bus maker that has been lauded by President President Biden for its U.S. manufacturing operations, has become at least the third electric-vehicle business to file for bankruptcy in roughly the past year.
The publicly traded business will use the breathing spell from creditors to free itself from contracts that had become unprofitable, Chief Executive Gareth Joyce said in a declaration filed Tuesday in the U.S. Bankruptcy Court in Wilmington, Del. Proterra also plans to look for an investor or sell its businesses. . . .
https://www.msn.com/en-us/money/companies/electric-bus-maker-touted-by-president-biden-goes-bankrupt/ar-AA1eYAtG
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https://twitter.com/RNCResearch/status/1688955358054584320
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KAMALA HARRIS: "...workers are building electric buses so people can get where they need to go!"
Dare I suggest where she might go (with or without an electric bus)?