17 October 2023 , 14:15
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Volta Trucks, a pioneer in electric HGVs, has gone bust after struggling to get batteries for its lorries. The firm, which is based in Stockholm but does most of its business in the UK, filed for bankruptcy in Sweden and will soon do the same in England.
The company's board confirmed the news today (October 17), revealing that it employs around 600 people in the UK.
Volta Trucks said its battery supplier going bust had a 'significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce'.
It also said: "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."
"With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England."
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Volta Trucks was established in 2019, creating the first purpose-built 16-tonne electric truck on a unique cab. First customer deliveries of its HGVs were expected in Sweden in 2023.
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((Volta Trucks/PA))