The electric school bus company, which was praised by VP Kamala Harris and the White House, has filed for bankruptcy, according to reports.
On Monday, Proterra Inc announced that “market and macroeconomic headwinds” had forced it to seek Chapter 11 protections.
The electric school bus company added that future financing options will be worked out in Bankruptcy Court.
“The foundation we have built has set the stage for decarbonization across the commercial vehicle industry as a whole, and we recognize the great potential in all of our product offerings to enable this important transformation,” CEO Gareth Joyce said.
“This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential,” Joyce added.
He further explained that the company’s hurdles had “impacted our ability to efficiently scale all of our opportunities simultaneously,” and Proterra would be “sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
Joyce was appointed to serve on the White House Export Council earlier this year, but the company’s relationship with the government goes way back.
Joe Biden, 2021, participated in a virtual tour of the Proterra Factor and praised the company for its commitment to zero-emission travel.
“We gotta own the future here,” Biden said at the time.
“We oughta be the single most significant supplier of electric buses and vehicles in the world before it’s over.”
“Right now, we’re running way behind China,” Biden continued, “but you guys are getting us in the game. It’s gonna make a lot of difference.”
Biden said electrified yellow school buses would improve the lives of American children.
Meanwhile, Kamala Harris also praised the company.
“Who doesn’t love a yellow school bus?” she cackled. “They will remain yellow, but their heart will be green!”
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Harris has dropped babbling word salads over her love for electric numerous times.
“No exhaust, no diesel smell,” she said while delivering remarks.
“The bus has Wi-Fi and even USB outlets next to every seat! I mean, come on, imagine, you could charge your phone on your way home from work! That’s good stuff!”
READ: Unsold Electric Cars Are Piling Up in Their Thousands on Dealer Lots
I used to be CEO of the bus manufacturer that made the bus in the VP Harris photo background – not the one that went backrupt. While school buses on average only travel about 83 miles per day round trip, some operate on routes longer than the average and in very adverse, rural locations. When they breakdown or run out of “juice” when full of very young passengers, you will have a lot of very worried, pissed off parents who aren’t so enamored with the school bus’ “green heart.” What a stupid remark by VP Harris.
Keeping in mind that Ms Harris is vice-president almost entirely because she is somewhat black and a female,that her primary skill set appears to be the area of cheating with other women’s husbands and you have the reason why she continues to support stupid ideas.
I used to be CEO of the bus manufacturer that made the bus in the VP Harris photo background – not the one that went backrupt. While school buses on average only travel about 83 miles per day round trip, some operate on routes longer than the average and in very adverse, rural locations. When they breakdown or run out of “juice” when full of very young passengers, you will have a lot of very worried, pissed off parents who aren’t so enamored with the school bus’ “green heart.” What a stupid remark by VP Harris.
Like Socialism, they just didn’t implement it correctly “this time!”
Hope they didn’t get a Federal Grant. Can you say Solantra?
The uncontested dumbest a*s in captivity endorsed a poorly conceived and e******d company focused on demonstrably stupid technology? Color me shocked.