XPost: alt.fan.rush-limbaugh, can.politics, alt.politics.liberalism
XPost: alt.politics.democrats, alt.politics.usa.republican
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 sale after 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.
https://www.reuters.com/business/autos-transportation/ev-firm-proterra-files-chapter-11-bankruptcy-2023-08-07/
Translation: EV's are a terrible idea given the limits of today's
technology
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