(Republican Leader) – If electric vehicles are the future then the future is not looking good. On Monday, Proterra, a provider of components for electric buses, submitted a Chapter 11 bankruptcy safeguard. It’s just the latest firm in the struggling electric vehicle industry to collapse.
The Western Journal reports:
“The California-based company disclosed its assets and debts within the range of $500 million to $1 billion, while its market valuation stood at $362 million at the close of the previous session, according to Reuters.”
CEO Gareth Joyce revealed in a news release that the company had “faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
“Proterra is at the forefront of the innovations that are driving commercial vehicle electrification,” Joyce said. “We know we’re building industry-leading products that our customers want and need.”
“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,” he noted.
“This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential.”
Proterra, the electric school bus company that Biden's Energy Secretary Jennifer Granholm held over $5 million of stock in while fighting to get them massive subsidies from the federal government, is now bankrupt. https://t.co/hCfZZMyIug
— Greg Price (@greg_price11) August 7, 2023
The Biden regime has made “climate change” a top priority, investing over $18 billion from last year’s $1.9 trillion infrastructure plan in zero-emission transit and bus programs. So, this news will be a major blow to that agenda. It proves that Americans just aren’t buying it.
Biden has promoted Proterra numerous times since usurping the White House in 2021 and has even been given a virtual tour of their manufacturing facility.
“Since I took office, companies have announced investments totaling more than $100 billion in electric vehicle industry for the future, from the iconic companies like Ford, GM — new electric vehicle production; Tesla — our nation’s largest electric vehicle manufacturer; to innovate and — and inspire younger companies — like Rivian, building electric trucks; Proterra, building electric buses,” he stated during a media briefing in March 2022.
Biden’s Energy Secretary Jennifer Granholm held a significant stake in the company which she was eventually forced to sell for a cool $1.6 million in May 2021. Further, Biden appointed Joyce to the President’s Export Council in February of this year.
“Gareth Joyce serves as Chief Executive Officer and Board Member at Proterra. Joyce brings to Proterra a long and distinguished career that spans the automotive, aviation, and consulting industries with a consistent focus on environmental sustainability and decarbonizing the transportation sector,” the White House remarked in a statement at the time.
“Through his leadership, Joyce is growing Proterra’s EV battery manufacturing footprint in the United States and accelerating the transition of transit and other commercial vehicles to zero emission solutions,” it continued.
As of Tuesday afternoon, shares in the company had plummeted by nearly 90 percent. Yikes. Looks like the only thing Proterra is leading is the inevitable failure of the electric vehicle industry.
Americans don’t want EVs, save the minority of climate change zealots who actually believe the propaganda. Americans especially don’t want to be forced into buying electric vehicles.
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