Tag: biggest EV bus maker

Proterra, biggest EV bus maker in the US, files for bankruptcy protection
Business

Proterra, biggest EV bus maker in the US, files for bankruptcy protection

The company has failed to turn a profit on the 1,300 EV buses it has sold across North America. It plans to continue operations after a restructuring. Proterra, the largest U.S. electric-bus maker, filed for Chapter 11 bankruptcy protection late Monday. It’s a shocking turn for the nearly two-decade-old U.S. company, which has sought to compete against giant Chinese rival BYD and to partner with traditional bus-makers in the emerging North American and European electric bus markets. Proterra stated it plans to continue business operations as it pursues a restructuring ​“to strengthen its financial position through a recapitalization or going-concern sale.” The company intends to work with the bankruptcy court and its creditors to ​“use existing capital to fund operations, includi...