Volta, the electric truck start-up, has revealed it is to collapse after supplier difficulties made it hard to raise funds. Volta said it would file bankruptcy proceedings in Sweden, where the group is based, and seek to appoint Alvarez & Marsal as administrators for its main UK operation where it has manufacturing and research and development facilities.
The company said of its looming demise on Tuesday: 'Piloting in five countries in Europe, we received fantastic feedback, which led to a strong pipeline of highly reputed customers who wanted to introduce our Volta Zero Trucks into their fleets. 'However, like all scale-ups in the EV manufacturing sector, Volta Trucks has faced challenges along the way.
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