The electric truck brand Volta has left bankruptcy and the associated uncertainty behind it. But it will take some time before vehicle production at Steyr Automotive can start again. Because it is now clear: Assembly in Upper Austria will only begin after a financing round has been completed.
At the end of February, Steyr Automotive announced that the former MAN factory had signed an initial agreement to continue production for Volta. “After intensive negotiations and constructive cooperation from all involved,” it was said at the time.
But before work can actually resume in Upper Austria, the electric truck company that was saved from bankruptcy and is now officially called Volta Commercial Vehicles Ltd still needs money – director Essa Al-Saleh announced this in a letter to customers and suppliers, partners and employees.
Following the acquisition by Luxor Capital, a financing round is now needed to attract investors. The amount of money raised in this way must be determined mid-year.
Regulated truck production later in the year
“The restart of production at Steyr Automotive will be initiated after the financing round is completed,” Al-Saleh said. Regular truck production is scheduled for later this year.
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.
