Bad news for Steyr Automotive: After production for the former factory owner MAN ended at the end of September, the current largest order is now in jeopardy. Swedish electric truck start-up Voltra Trucks will file for bankruptcy, the company has already informed its employees.
Recently, production had to be scaled back due to supply problems at the battery manufacturer, and now there is a big question mark about the future order: Voltra Trucks has to file for bankruptcy. The Swedish electric truck start-up chose Steyr as its production partner and invested more than 30 million euros in Upper Austria to ramp up production of the vehicle models.
In mid-April, the ‘marriage’ between Steyr Automotive and Volta Trucks was even officially presented, including a factory tour, during an appointment with Climate Minister Leonore Gewessler. The Swedes were enthusiastic and said that more than 360 million euros in investor money had already been raised. But the tide quickly turned.
Due to the war, cooperation with GAZ collapsed
Given the financial turbulence of Volta Trucks, the situation is not becoming easier for Steyr Automotive: due to the war between Russia and Ukraine, the originally planned cooperation with the Russian GAZ group has already collapsed. The acquisition of MUT’s special body shop and Palfinger’s order to build truck-mounted forklifts for the North American market cannot fill the gaps.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
