Proterra, the California-based company that makes all-electric buses and EV parts including battery packs and charging stations, filed for Chapter 11 bankruptcy protection at the beginning of the week, according to Reuters, citing a difficulty in scaling up production efficiently.
As per the source, the company, which was established in 2004 in Colorado, intends to continue to operate in the ordinary course of business, planning to file all the necessary motions with the bankruptcy court to use existing capital to fund its operations.
"We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale," Proterra CEO Gareth Joyce said in a statement quoted by Reuters.
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