Posted on 08/08/2023 1:04:48 PM PDT by ChicagoConservative27
President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.
Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.
(Excerpt) Read more at nypost.com ...
LOL! Let’s Go Brandon!
On the bright side, Idiot Granholm lost a bundle.
100% for the big guy
GMTA. My first thought too.
Seems to me a lot of these buses were parked and not used due to various quality issues.
ahh yes, one of the articles I read a while back.
Another Libtard ripoff what else is new that’s all they do is ripoff America
Bidenomics at work!..................
I’d bet against that.
“various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”
Shyster CEO gibberish meaning we got ours but you investors and taxpayers are screwed. Adios...suckas!😎
IF EVs can’t stand on their own, this is the type of thing
that should happen in the support industry.
We will probably see more of this.
The sooner the industry moves away from lithium the better.
The sooner they put more charging stations out there, the
better.
These are the two biggest downsides I can see right now.
I talk to people when I charge up. There are real problems
finding good charging stations with the chargers all
working.
So what happens, is they make first sales of EVs, and then
people have a hard time charging up.
Will they go back to a second EV? Maybe yes, maybe no.
Some undoubtedly will not return to and EV. I do expect
EVs to get better, and so there will still be an influx
of new EV buyers, but they will kill their market if they
don’t get more functional charging centers out there.
Musk was right on target when he built his own network of
chargers.
I’m sure the company let her know in advance so that she could remove her cash.
“On the bright side, Idiot Granholm lost a bundle.”
I wish, but she probably got inside info and pulled out in time.
Bailout with subsidies, round two.
Harris EV Bus bump!
;-)
Ford?
they are going to need those buses
most will not be able to make the transition to ev
People give Elon Musk a hard time over Tesla’s subsidies. I don’t agree with the policy, but standing up a new car company is not an easy thing, EV or not. DeLorean, a seasoned exec at GM who once seemed headed for the corner office, failed to get his eponymous company off the ground, despite his signature car being iconic enough to be featured in Back to the Future, after the company’s dissolution. Musk, with zero background in the auto business, being able turn Tesla into viable car company, and the only US company with profitable EV operations is why US auto execs always seem overawed when asked about him.
I bet against Tesla repeatedly, and lost money doing it. I still think it’s overvalued. But to conserve capital, I’ve stopped betting against Musk. (Of course, this is probably the best sell signal anyone’s ever devised - when I stop shorting, it’s time to short).
Seems like a real mess doesn’t it.
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