The Board of Volta Trucks has filed for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England.
The company says this has had a ‘significant impact on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce’.
The uncertainty has also negatively affected the company’s ability to raise sufficient capital in a challenging capital-raising environment for electric vehicle players.
It was founded in 2019 in Sweden.
In a statement, Volta Trucks says: ‘The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners. We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero emission commercial vehicle’.
Volta’s contract manufacturing facility is in Steyr, Austria, where the production of customer-specification vehicles began in April 2023.