REUTERS/Bing Guan/file photoAug 7 (Reuters) - Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought.
The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Foxconn.
The company had a market value of $362 million as of last close.
In January 2021, Proterra was valued at $1.6 billion, including debt, in a merger deal with a blank-check firm.
Proterra, which makes electric buses as well as battery packs, said it intends to continue to operate in the ordinary course of business.
Persons:
Bing Guan, Lordstown Motors, Proterra, Gareth Joyce, Manya Saini, Anil D'Silva
Organizations:
City Transportation Department, REUTERS, Proterra, Lordstown, Thomson
Locations:
Los Angeles , California, U.S, Foxconn, South Carolina, Bengaluru