Volvo to Buy Proterra Battery Business for $210M

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 $210M, according to statement.

• Transaction is subject to approval by the bankruptcy court in the US with closing expected early 2024
• Proterra Inc. and Proterra Operating Company Inc. are in a voluntary Chapter 11 bankruptcy process
• Assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina
• Transaction has no material impact on Volvo’s financial performance
• NOTE: Bus Maker Touted ...