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EV firm Proterra files for Chapter 11 bankruptcy

2023-08-08 05:50
(Reuters) -Electric vehicle company Proterra has filed for Chapter 11 bankruptcy protection in the United States, according to a court
EV firm Proterra files for Chapter 11 bankruptcy

(Reuters) -Electric vehicle company Proterra has filed for Chapter 11 bankruptcy protection in the United States, according to a court filing on Monday.

The company listed its assets and liabilities in the range of $500 million to $1 billion.

"We have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale," CEO Gareth Joyce said in a statement.

Shares of the company fell 9% in extended trading on the news.

(Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva)