Proterra Inc. and Proterra Operating Company will be acquired by Volvo

Volvo Group was chosen as the winning bidder in a bankruptcy auction for the Proterra Powered unit’s business and assets for $210 million. A battery module, a pack development centre in California, and an assembly plant in South Carolina are among the assets to be bought. Proterra Inc. and Proterra Operating Company Inc. have filed for Chapter 11 bankruptcy in the United States. The deal between Proterra Inc., Proterra Operating Company, and Volvo is subject to clearance by the United States bankruptcy court. Furthermore, the transaction’s completion, scheduled for early 2024, will be subject to merger clearance and other criteria. The deal has no meaningful impact on the financial performance of the Volvo Group.