Reuters reports that Volta's bankruptcy was a snowball effect that started this year in August, when Proterra, one of the company's most important suppliers, which was in charge of delivering important EV parts, also declared bankruptcy. Moreover, the company's battery supplier also presented uncertainties, making it near impossible for Volta to continue manufacturing trucks.

With 300 million euros in funding secured and over 5.000 electric trucks ordered, Volta officials stated that they had "not taken this course easily or lightly and is fully aware of the significant impact this will have on the organization’s dedicated workforce".

Volta also chose a factory in Austria where it would have manufactured more battery-powered trucks and the company also targeted mass production, had it not been for the abrupt stop.

VanMoof is another green mobility startup, focused on making e-bicycles, which was forced to file for bankruptcy a few months back. Still, the company's fate was turned around after Lavoie, the electric scooter subsidiary of Formula One engineering company McLaren Applied, decided to stabilize its business with fresh funding.

Photo source: Volta