Swedish EV start-up Volta Trucks to file for bankruptcy

  • The firm revealed that problems with suppliers was impacting manufacturing 

By Daniel Fessahaye

Updated:

Swedish electric lorry start-up Volta Trucks will file for bankruptcy after having problems with its battery supplier, putting 600 British jobs at risk. 

The EV firm is filing for bankruptcy in Sweden and said on Tuesday it will 'shortly file for administration in England', after the group was negatively impacted by the bankruptcy of its battery supplier, Proterra.

In a statement, the company said that Proterra's bankruptcy, 'had a significant impact our manufacturing plans, reducing the volume of vehicles that we had forecast to produce'.

Swedish electric lorry start-up Volta Trucks revealed that it was filing for bankruptcy after having problems with its battery supplier.

Swedish electric lorry start-up Volta Trucks revealed that it was filing for bankruptcy after having problems with its battery supplier.

It added: 'The main trading entity of the group, Volta Trucks Limited, will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office. 

'Other group entities will also shortly file for insolvency proceedings in the relevant jurisdictions.'

Volta Trucks was founded in 2019 by Scandinavian entrepreneur Carl-Magnus Norden and Kjell Waloen, who were able to create the world’s first purpose-built 16-tonne all-electric truck.

Earlier this month, the company revealed that it had raised over €360million (£312million) in funding. 

However the news of bankruptcy could lead to 600 jobs being at risk, according to the Financial Times.

This is because, a majority of Volta's engineering and development work is done in the UK.

This includes around 600 of the company's 850 employees who are spread across sites near Reading, Nuneaton and Gaydon.

Tuesday marked a grim day for UK plc as consultancy giant KPMG and Rolls-Royce also announced job cuts.

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