Volta Trucks is set to restart production of its electric trucks in Austria from May, following the takeover of the insolvent truck manufacturer by Luxor Capital at the end of 2023. Contract manufacturer Steyr Automotive has announced the signing of an initial agreement to continue the production of Volta’s trucks.
While no specific details were provided in the brief official announcement, ORF Upper Austria reports that production is scheduled to resume in May. The plan is to manufacture 500 electric trucks in Steyr this year and ramp up production to 2,000 units next year. Additionally, a new subsidiary of Steyr Automotive, Steyr Automotive E-Truck GmbH, will be founded to oversee the production of electric trucks for Volta.
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Volta Trucks had to file for insolvency in October, including its Swedish unit and the Group’s key trading company, Volta Trucks Limited, based in England, due to the insolvency of Volta’s battery supplier Proterra in August.
This led to a significant impact on Volta’s production plans, ultimately halting production and hindering the company’s ability to secure new funding. However, in December, insolvency administrators from Alvarez & Marsal Europe presented a deal with Luxor Capital, leading to the hedge fund’s acquisition of the British business and assets of Volta Trucks.
Luxor Capital, one of the largest investors in the electric truck manufacturer prior to its bankruptcy, established its subsidiary, Volta Commercial Vehicles Limited. Despite the takeover, media reports indicated that most of the approximately 600 British employees of Volta Trucks were still at risk of losing their jobs.
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Volta Trucks, founded in Sweden with headquarters there, primarily conducts its business operations in England. The company’s 16-tonne version of the Volta Zero, in series production since April, has been a significant asset. However, the source of its batteries remains uncertain, with the possibility of continued supply from Proterra, which was acquired by the Volvo Group in November.
Before its insolvency, Volta Trucks had raised approximately 460 million euros from investors and secured orders for over 5,000 trucks, highlighting the potential for its electric vehicles in the market.
