“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” Proterra Chief Executive Officer Gareth Joyce said in the statement.
The firm has business units that make EV batteries and chargers for original equipment manufacturers as well as a division that produces entire buses, according to regulatory filings. Through the end of 2022, most of the company’s revenue came from selling electric buses. The company went public by merging with a blank-check company in June 2021. Since then, its shares have fallen from more than $15 to less than $2.
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