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...