EV firm Proterra files for Chapter 11 bankruptcy protection

EV parts supplier, Proterra, has filed for Chapter 11 bankruptcy protection following a series of market and macroeconomic headwinds affecting its ability to scale. The company listed its assets and liabilities in the range of $500m to $1bn, with its shares nearly halving in value after the news. Proterra, which produces electric buses and batteries, said it intends to continue to operate in the ordinary course of business and plans to file customary motions with the bankruptcy court to use existing capital to fund operations.

from Auto News: Upcoming Cars and Bikes, New Launches, Price and Reviews | Times of India

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