Well we’ll what a tangle web we weave………lmao BTW the story is on Reuters

SteinwayTransitCorp

SteinwayTransitCorp

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EV firm Proterra files for Chapter 11 bankruptcy protection​

Reuters
August 7, 20236:36 PM EDTUpdated 17 hours ago



Electric buses at LADOT transit bus maintenance facility

Signage requiring mask use is seen inside Proterra Catalyst BE35 electric buses parked at an L.A. City Transportation Department (LADOT) DASH transit bus maintenance facility in downtown Los Angeles, California, U.S., August 21, 2021. REUTERS/Bing Guan/file photo
Aug 7 (Reuters) - Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought.
The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for saleafter failing to resolve a dispute over a promised investment from Foxconn.

Proterra, whose shares nearly halved in value after the bell, listed its assets and liabilities in the range of $500 million to $1 billion. The company had a market value of $362 million as of last close.
In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm.
"We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale," CEO Gareth Joyce said in a statement.

Proterra, which makes electric buses as well as battery packs, said it intends to continue to operate in the ordinary course of business. It plans to file the customary motions with the bankruptcy court to use existing capital to fund operations.
The company earlier this year announced plans for more job cuts and said it will combine electric bus and battery production in South Carolina as it looks to trim costs.
Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli
 
SteinwayTransitCorp

SteinwayTransitCorp

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Ph1llip

Ph1llip

Active member
Go woke go broke I say. And that's with all the green subsidies available to such outfits. The only firm doing OK is Tesla. Because critical mass.
 
SteinwayTransitCorp

SteinwayTransitCorp

Well-known member
Jerry Kraft said:
I guess you forgot to read the article.

It's your political machine that is twisting climate change into a political issue.

Trump going bankrupt is political news?? Trump indicted criminally is political news?

Back to the name calling eh? AND you were so good for a couple of days.
Click to expand...
Lmao……..all you have is the booogie man Trump………….ohhhhhhhhhh
 
SteinwayTransitCorp

SteinwayTransitCorp

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Chuck Finley69

Chuck Finley69

Active member
SteinwayTransitCorp said:

EV firm Proterra files for Chapter 11 bankruptcy protection​

Reuters
August 7, 20236:36 PM EDTUpdated 17 hours ago



Electric buses at LADOT transit bus maintenance facility

Signage requiring mask use is seen inside Proterra Catalyst BE35 electric buses parked at an L.A. City Transportation Department (LADOT) DASH transit bus maintenance facility in downtown Los Angeles, California, U.S., August 21, 2021. REUTERS/Bing Guan/file photo
Aug 7 (Reuters) - Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought.
The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for saleafter failing to resolve a dispute over a promised investment from Foxconn.

Proterra, whose shares nearly halved in value after the bell, listed its assets and liabilities in the range of $500 million to $1 billion. The company had a market value of $362 million as of last close.
In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm.
"We have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale," CEO Gareth Joyce said in a statement.

Proterra, which makes electric buses as well as battery packs, said it intends to continue to operate in the ordinary course of business. It plans to file the customary motions with the bankruptcy court to use existing capital to fund operations.
The company earlier this year announced plans for more job cuts and said it will combine electric bus and battery production in South Carolina as it looks to trim costs.
Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli
Click to expand...
Interesting that government willing to bailout GM won't bailout Proterra as they claim the EV is the future, especially busses.
 
Chuck Finley69

Chuck Finley69

Active member
The internet still doesn't work as advertised, let alone what people back then think they expected/wanted. It continues to be an evolving mess (relatively), in terms of expectations.

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There's a big difference since the infrastructure of the internet had large regulated telecom backing and wasn't riddled with the attempted forced requirements before ready for prime time.

Imagine pushing the internet and forcing the internet on society 1983-1993 time frame.
 
Chuck Finley69

Chuck Finley69

Active member
Well since the internet came along for the masses you've been divorced and bankrupted twice, is that good or bad?
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I've never ever gone bankrupt, ever....
 
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