{"id":1994906,"date":"2023-08-08T23:21:01","date_gmt":"2023-08-09T03:21:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-company-touted-by-biden-administration-files-for-bankruptcy\/"},"modified":"2023-08-08T23:23:16","modified_gmt":"2023-08-09T03:23:16","slug":"electric-vehicle-company-touted-by-biden-administration-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-company-touted-by-biden-administration-files-for-bankruptcy\/","title":{"rendered":"Biden-backed electric vehicle firm 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%2Felectric-vehicle-company-touted-by-biden-administration-files-for-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=1994906&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, Electric\u200d Vehicle\u200c Company Touted by Biden Administration, Files for Chapter 11 Bankruptcy<\/h2>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/left-wing-media-watchdog-defends-jennifer-granholms-wealth-after-helping-her-become-a-millionaire\/\" title=\"Left-Wing Media Watchdog Defends Jennifer Granholm\u2019s Wealth After Helping Her Become a Millionaire\">electric vehicle company<\/a>, Proterra, which \u2062has received praise \u2063from President Joe Biden, has filed for Chapter 11 \u200bbankruptcy. This news comes after the New York Stock Exchange closed on Monday night, with Reuters reporting that the company&#8217;s assets and liabilities are valued between $500 million to $1 billion, a significant decrease\u200b from $1.6 billion in January 2021.<\/p>\n<h3>Stock Plummets as Biden&#8217;s Favorite EV Company Faces\u200b Financial Crisis<\/h3>\n<p>Within just one hour of \u2064the bankruptcy announcement, Proterra&#8217;s \u200bstock plummeted to nearly a\u2062 third of its \u200dvalue. By the end of Tuesday, it had dropped to approximately one-seventh of its Monday closing value. Proterra, known\u2062 for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-vehicle-company-touted-by-biden-administration-files-for-bankruptcy\/\" title=\"Biden-backed electric vehicle firm files for bankruptcy.\">manufacturing electric buses<\/a> \u2063for transit fleets, has been\u200c prominently featured by the Biden \u200dadministration. In fact, President Biden himself participated in a virtual tour \u200dof a Proterra manufacturing facility in South Carolina earlier this year, where he revealed his past experience as a bus driver.<\/p>\n<blockquote>\n<p>&#8220;I \u2062want you all to know I used \u200bto be a bus driver,&#8221; Biden\u2064 shared during the event. &#8220;You think \u2064I&#8217;m kidding; I&#8217;m not. I worked\u200d my way through law\u2064 school \u2064driving a school bus.&#8221;<\/p>\n<\/blockquote>\n<p>In a statement obtained by Fox News, \u2062Proterra&#8217;s CEO, Gareth Joyce, attributed the company&#8217;s\u200c situation to &#8220;various market and macroeconomic headwinds.&#8221; \u200bHowever, he expressed optimism about the company&#8217;s future and its potential \u2064to contribute to the \u2062decarbonization of\u200c the <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.\">commercial vehicle industry<\/a>.<\/p>\n<blockquote>\n<p>&#8220;The foundation we have built\u2063 has set the stage \u2064for decarbonization across the commercial vehicle\u2062 industry as a whole, and we recognize the \u200dgreat potential in all of our product offerings to \u2063enable this important transformation,&#8221; Joyce stated. &#8220;This is why we are taking action to\u2064 separate each product line through the Chapter 11 reorganization \u2063process to maximize\u200c their independent potential.&#8221;<\/p>\n<\/blockquote>\n<p>Despite the challenges faced by Proterra, Joyce \u2062emphasized the company&#8217;s best-in-class EV and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-outlines-roadmap-to-boost-sustainable-aviation-fuel\/\" title=\"U.S. outlines roadmap to boost sustainable aviation fuel\">battery technologies<\/a>, which have set an industry standard. He acknowledged the impact of market and macroeconomic \u200dfactors on their\u2064 ability to scale opportunities simultaneously but expressed \u2064enthusiasm for their role as a leading EV battery technology supplier.<\/p>\n<blockquote>\n<p>&#8220;While our best-in-class EV \u2062and battery technologies\u2062 have set an industry standard, we have faced various \u200cmarket and \u2062macroeconomic headwinds that have impacted our ability to efficiently scale all of our opportunities simultaneously,&#8221; Joyce added. &#8220;As commercial vehicles accelerate toward \u200delectrification, we look forward \u200dto sharpening\u200c our focus as a leading EV battery technology \u2063supplier for the benefit of \u2063our many stakeholders.&#8221;<\/p>\n<\/blockquote>\n<p>As Proterra navigates the Chapter 11 reorganization process, it \u2062aims to maximize the potential of each product line and \u2063continue contributing to the advancement of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-silent-after-ford-ditches-ohio-for-mexico\/\" title=\"Biden Administration Silent After Ford Ditches Ohio For Mexico\">electric vehicle technology<\/a>.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> to read more from The \u2063Washington \u200dExaminer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proterra, an EV firm endorsed by Biden, has filed for Chapter 11 bankruptcy. The company, highlighted by President Biden, submitted the filing after NYSE hours on Monday. Reuters reported that Proterra assessed its assets and liabilities.<\/p>\n","protected":false},"author":1,"featured_media":1994907,"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":[538],"tags":[],"class_list":["post-1994906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1994906","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1994906"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1994906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1994907"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1994906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1994906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1994906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}