Major Electric Vehicle Company Bankrupt

According to a recent article by Tom Ozimek in The Epoch Times, a California-based EV company has filed for bankruptcy. Proterra made electric buses and parts for EVs and cited macroeconomic headwinds for its status. It is attempting to raise additional capital or find a buyer.

President Biden took a 2021 virtual tour of a Proterra facility, saying, “Right now we’re running way behind China, but you guys are getting us in the game.”

Proterra listed assets and liabilities of at least $500 million. Interestingly, a recent study by the Anderson Economic Group showed it costs less to drive some traditional gasoline-powered vehicles than their electric counterparts, especially with the rise in the cost of electricity.

It will be interesting to get a glimpse of the bigger picture here, especially defining the microeconomic headwinds…