Steyr Automotive already gives presents 23 days before Christmas. The rescue of bankrupt electric truck start-up Volta Trucks is over. An American fund was awarded the contract. This means that production at the vehicle plant in Upper Austria should start again soon.
A week ago there was already speculation that there might be a future for Volta Trucks. It has been certain since Friday: the Swedish electric truck start-up, which went bankrupt in October, will continue to operate.
The buyer is the American billion-dollar fund Luxor Capital Group, which itself invested in the company in 2022 in a financing round worth a total of 230 million euros.
Emergency braking during installation
Volta had engaged Steyr Automotive as a production partner, where the vehicles were also further developed for series production. When the bankruptcy became known, the vehicle factory also put the brakes on assembly. The uncertainty was great.
It is not yet known when and how truck production will resume in Upper Austria. At Steyr, 150 employees worked directly on the Volta project. In England, hundreds of employees worked at the electric truck start-up. Apparently only some of them will have jobs in Britain under the new ownership.
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.
