EV firm Proterra files for Chapter 11 bankruptcy (updated)

Proterra

07/08/2023 22:44

(Adds details in paragraphs 2-3, shares in paragraph 4)
       Aug 7 (Reuters) - Electric vehicle company Proterra
 PTRA.O  has filed for Chapter 11 bankruptcy protection in the
United States, according to a court filing on Monday. 
    The company listed its assets and liabilities in the range
of $500 million to $1 billion.
        "We have faced various market and macroeconomic
headwinds, that have impacted our ability to efficiently scale,"
CEO Gareth Joyce said in a statement. 
  
        Shares of the company fell 9% in extended trading on the
news.
  

 (Reporting by Manya Saini in Bengaluru; Editing by Anil
D'Silva)
 ((Manya.Saini@thomsonreuters.com;))