After Lordstown, Now Electric Bus Maker Proterra Files For Bankruptcy
Portfolio Pulse from Anan Ashraf
Electric bus maker Proterra Inc (NASDAQ:PTRA) has filed for Chapter 11 bankruptcy protection due to market and macroeconomic headwinds. The company plans to continue operating during the process and aims to separate each product line to focus on EV battery technology supply. This comes less than two months after EV maker Lordstown Motors also filed for bankruptcy.
August 08, 2023 | 3:42 am
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Proterra's bankruptcy filing could negatively impact its stock price in the short term. However, the company's plan to continue operations and focus on EV battery technology supply could potentially stabilize the situation.
Bankruptcy filings typically lead to a decrease in stock price as it indicates financial distress. However, Proterra's plan to continue operations and focus on a specific product line could potentially mitigate some of the negative impact.
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