Stay informed with free updates
Simply sign up to the Electric vehicles myFT Digest — delivered directly to your inbox.
About 600 UK automotive jobs are at risk after electric lorry start-up Volta Trucks said on Tuesday it was planning to file for bankruptcy, becoming the latest new electric vehicle entrant to falter.
The private Swedish company began production of its electric 16-tonne truck in April using a contract manufacturer Steyr Automotive in Austria, but it ran into difficulties after its battery supplier, Proterra, filed for Chapter 11 Bankruptcy in the US in August.
That lowered the number of vehicles Volta could make and made it harder for the company to raise additional capital, the board said on Tuesday. As a result, it had taken the “difficult” decision to begin bankruptcy proceedings.
“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,” the company added.
Most of Volta’s engineering and development work was carried out…
