{"id":1994881,"date":"2023-08-08T22:07:02","date_gmt":"2023-08-09T02:07:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ev-company-that-biden-admin-loves-declares-bankruptcy\/"},"modified":"2023-08-08T22:09:36","modified_gmt":"2023-08-09T02:09:36","slug":"ev-company-that-biden-admin-loves-declares-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ev-company-that-biden-admin-loves-declares-bankruptcy\/","title":{"rendered":"Biden&#8217;s favored EV company files for bankruptcy."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fev-company-that-biden-admin-loves-declares-bankruptcy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1994881&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Proterra Files for Chapter 11 Bankruptcy, Dealing Blow \u200dto Electric Bus Industry<\/h2>\n<p>Proterra, a leading provider of components for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-showcase-business-tied-to-energy-sec-granholm\/\" title=\"Biden to Showcase Business Tied to Energy Sec Granholm\">electric buses<\/a>, made headlines \u200con \u2063Monday \u200bas it submitted\u2062 a Chapter 11 bankruptcy \u2062safeguard. \u2063This unfortunate development \u2063marks \u2063another collapse in an industry that is currently <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-navy-says-fight-with-china-is-likely-in-the-2020s\/\" title=\"U.S. Navy Says Fight With China Is Likely in the 2020s\">facing significant challenges<\/a>.<\/p>\n<p>The California-based company revealed that its assets\u200c and debts fall within the range of $500 million to\u2062 $1 billion. At the close of the previous\u200d session, Proterra&#8217;s market valuation stood at $362 million, according to \u2063 <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/ev-firm-proterra-files-chapter-11-bankruptcy-2023-08-07\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p>In a news release, \u200bCEO Gareth Joyce acknowledged the various\u200b market and\u200b macroeconomic \u200bheadwinds \u2062that have impacted Proterra&#8217;s ability to scale its\u2062 opportunities efficiently. However, Joyce emphasized that Proterra \u2063remains at \u2063the forefront of innovations driving commercial \u2064vehicle electrification.<\/p>\n<p>&#8220;We know we&#8217;re building industry-leading products that our customers want and need,&#8221; Joyce stated. &#8220;The\u200b foundation we have built \u2062has \u200bset the stage for decarbonization across the commercial vehicle industry as a whole.&#8221;<\/p>\n<p>Recognizing the potential in their\u200c product offerings, Proterra is taking action to maximize\u2063 their independent potential by separating each product line through the Chapter 11 reorganization process.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Proterra, the electric school bus company that\u200c Biden\u2019s Energy Secretary Jennifer Granholm held\u2064 over $5 million of stock in while fighting\u2064 to get them massive subsidies from the federal \u200cgovernment, is now bankrupt. <a href=\"https:\/\/t.co\/hCfZZMyIug\">https:\/\/t.co\/hCfZZMyIug<\/a><\/p>\n<p>\u2014 Greg Price (@greg_price11) <a href=\"https:\/\/twitter.com\/greg_price11\/status\/1688673795689660417?\">August 7, 2023<\/a><\/p>\n<\/blockquote>\n<h3>Blow to Biden Administration&#8217;s Green Initiatives<\/h3>\n<p>The news of Proterra&#8217;s bankruptcy comes as a major blow \u200dto the Biden administration, which had allocated over $18 billion \u200bfrom \u200clast year&#8217;s $1.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/worse-than-solyndra-republicans-press-for-information-on-biden-admins-favorite-electric-battery-company\/\" title=\"\u2018Worse than Solyndra\u2019: Republicans Press for Information on Biden Admin\u2019s Favorite Electric Battery Company\">9 trillion infrastructure plan<\/a> toward zero-emission transit and school bus programs.<\/p>\n<p>Since taking office, President Biden has been a vocal \u200csupporter of Proterra, promoting the company on \u200cnumerous occasions and even receiving a virtual tour of their manufacturing \u2063facility.\u200c However, this\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ev-company-that-biden-admin-loves-declares-bankruptcy\/\" title=\"Biden's favored EV company files for bankruptcy.\">close relationship raised ethics concerns<\/a> when it was revealed that Biden&#8217;s\u2064 Energy Secretary, Jennifer \u2062Granholm, held a significant stake in the company.<\/p>\n<p>Despite the setback, the White House remains committed to the goal of decarbonizing the transportation sector. Gareth Joyce, Proterra&#8217;s CEO, continues to lead \u200bthe company&#8217;s efforts in \u200bgrowing its EV battery manufacturing footprint in the United States and accelerating the transition to \u2063zero-emission solutions for transit and other commercial \u2064vehicles.<\/p>\n<p>As \u200dof Tuesday afternoon, shares in Proterra \u200dhad plummeted by nearly 90 percent, reflecting the significant impact of\u2064 the\u2063 bankruptcy announcement.<\/p>\n<p>The \u200bpost <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ev-company-biden-admin-loves-declares-bankruptcy\/\">EV Company That Biden\u200c Admin Loves Declares Bankruptcy<\/a> appeared \u200bfirst on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proterra, a supplier for electric buses, filed for Chapter 11 bankruptcy protection on Monday. It joins a growing list of struggling companies in the electric bus industry. The California-based firm revealed assets and debts between $500 million to $1 billion, with a market valuation of $362 million.<\/p>\n","protected":false},"author":2195,"featured_media":1994882,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1994881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2195"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1994881"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1994882"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1994881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1994881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1994881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}