Austrian bus and truck manufacturer Steyr Automotive has announced that it has signed a preliminary agreement to continue the production of Volta Trucks trucks.
“We are very pleased to have signed this agreement as it represents an important milestone in the resumption of production in this important business area for us. We and our team are highly motivated to put this innovative truck on the road together with our contractual partner Volta Commercial Vehicles,” said the management of Steyr Automotive.
The agreement, reached after rigorous negotiations, paves the way for Volta Trucks to resume production, although an official start date has not yet been confirmed.
Volta Trucks’ journey to this point has been tumultuous. The company’s bankruptcy filing in October 2023 sent shockwaves through the industry, especially given its significant achievements since its inception in 2019. Despite positive feedback and interest from high-profile customers, Volta Trucks has faced challenges, largely due to the bankruptcy of its battery supplier, Proterra.
Uncertainty in the supply chain and the inability to raise sufficient capital in the competitive electric vehicle market ultimately led to Volta Trucks’ decision to file for bankruptcy.
In December 2023, Luxor Capital Group, a major creditor, stepped in to rescue Volta. Following the administration in October, the group purchased the electric truck start-up. This acquisition secured the future of Volta Trucks under the ownership of Volta Commercial Vehicles Ltd.
Steyr Automotive will be no stranger to those who have followed the Volta story, as it is the Austrian company that started series production of the British electric vehicles back in April 2023.
The new announcement from Steyr confirms the rumours that Volta is back with a vengeance, as industry sources have spotted Volta Zero trucks with Olympic logos on the streets of Paris.