Volta Trucks goes bankrupt

Swedish automotive startup Volta Trucks is taking steps to file for bankruptcy proceedings.

The decision comes after Volta’s battery supplier Proterra filed for chapter 11, causing the electric truckmaker to fall short of production targets. “The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players,” Volta Trucks said in a statement.

Founded in 2019, Volta Trucks is the maker of an electric truck designed for last-mile logistics. The startup planned to deliver 5,000 vehicles in 2023 and eventually launch across Europe and the US. The startup raised close to $400 million in venture capital.

In April, Volta appointed Qover to power its insurance offering in partnership with Helvetia.