Proterra Inc. and Proterra Operating Company Inc. are in a voluntary Chapter 11 bankruptcy process in the US. Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of USD 210M.
  • LarryTalbot@alien.topOPBEnglish
    1·
    11 months ago

    This is Volvo Trucks (VLVLY OTC), a separate company from Volvo Cars (VLVOF OTC) which is majority-owned by Geely but publicly traded. Very interesting as Volvo has been moving quickly toward electric trucks.

    • variaati0@alien.topBEnglish
      1·
      11 months ago

      Well their parent Volvo Group. Volvo Trucks is one of their divisions. They have also Volvo Construction Equipment, Volvo Penta marine engines division and bunch of others. Still yeah, not the Geely subsidiary, which got spun out of the main Volvo Group.

      • stav_and_nick@alien.topBEnglish
        1·
        11 months ago

        Although funny enough Geely also owns a stake in Volvo group; a bit under 10% or so

        Lot of fingers in a lot of pots

  • V8-Turbo-Hybrid@alien.topBEnglish
    1·
    11 months ago

    That means Volvo expend their business in American bus market. Volvo truck and Mack truck in America is Semi and work truck business mostly.

    • deminion48@alien.topBEnglish
      1·
      11 months ago

      They didn’t buy the Transit division, so that seems unlikely. Just the Powered division. Volvo actually stepped out of the bus market recently, they won’t be making their own buses anymore, but would still act as an OEM.