{"id":1995596,"date":"2023-08-09T15:54:01","date_gmt":"2023-08-09T19:54:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-struggles-to-pick-winning-electric-vehicle-companies\/"},"modified":"2023-08-09T15:55:56","modified_gmt":"2023-08-09T19:55:56","slug":"white-house-struggles-to-pick-winning-electric-vehicle-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-struggles-to-pick-winning-electric-vehicle-companies\/","title":{"rendered":"White House faces challenges in selecting successful electric vehicle firms."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/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%2Fwhite-house-struggles-to-pick-winning-electric-vehicle-companies%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=1995596&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>The\u200d White\u200d House-backed green agenda suffers setback as another electric vehicle company files for bankruptcy<\/h2>\n<p>The White House-backed green\u2063 agenda \u200breceived a \u2064major blow this week\u2064 as yet another \u200delectric vehicle\u2064 company\u2063 filed for\u2064 Chapter\u2064 11 bankruptcy. This\u2064 means that the \u2063company can continue its operations while restructuring its business obligations, including debts and assets.<\/p>\n<h3>Struggling Electric Vehicle Companies<\/h3>\n<p>As the White House continues to push\u200b for more electric \u2062vehicles by \u20622030, \u2064here are three <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jennifer-granholm-under-fire-for-promoting-proterra-an-electric-vehicle-company-she-served-on-the-board-of-and-held-stock-in\/\" title=\"Jennifer Granholm Under Fire for Promoting Proterra, an Electric Vehicle Company She Served on the Board of and Held Stock in\">electric vehicle companies<\/a> that are currently facing financial difficulties:<\/p>\n<ol>\n<li><strong>Proterra<\/strong><\/li>\n<p>Proterra, a company that has been praised \u2062by President Joe Biden on multiple occasions, filed\u2063 for Chapter 11 bankruptcy on Monday night. The company&#8217;s assets\u2064 and liabilities are currently valued between\u200d $500\u200c million and $1 billion, a significant decrease from its value of $1.6 billion in January 2021.<\/p>\n<p>This\u2063 news is particularly concerning for Biden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/solar-farms-spark-civil-war-in-virginia\/\" title=\"Solar Farms Spark Civil War in Virginia\">green energy plan<\/a>, as he previously \u200chailed Proterra as the future \u200bof the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-promotes-proterra-on-wisconsin-infrastructure-trip\/\" title=\"Biden Promotes Proterra on Wisconsin Infrastructure Trip\">electric vehicle industry<\/a> in 2021. The president\u2063 expressed \u200bhis belief that Proterra would lead the \u2063way and \u200cpredicted \u2064that electric vehicle companies would dominate the future.<\/p>\n<p>Proterra&#8217;s CEO, Gareth Joyce, issued a statement\u200b after filing for bankruptcy, acknowledging the challenges \u2064the company has faced in \u2063scaling its opportunities due to market and macroeconomic\u2064 headwinds. \u2064However, he expressed optimism \u200babout Proterra&#8217;s\u2063 role as\u200d a\u2064 leading EV battery technology \u2062supplier.<\/p>\n<li><strong>Lordstown Motors<\/strong><\/li>\n<p>Lordstown Motors, an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-struggles-to-pick-winning-electric-vehicle-companies\/\" title=\"White House faces challenges in selecting successful electric vehicle firms.\">electric vehicle manufacturer\u2064 previously praised<\/a> by former President Donald Trump, also filed for Chapter 11 bankruptcy protection\u2063 in \u2064June. The \u200bcompany&#8217;s\u200b shares\u200c plummeted by \u200c35% after Taiwan&#8217;s Foxconn failed \u200bto invest in the company as agreed.<\/p>\n<p>Lordstown Motors subsequently sued Foxconn, accusing them of fraudulent conduct \u200dand misleading promises. The lawsuit claimed that Foxconn refused to honor its obligations while causing Lordstown to allocate significant\u2064 resources to the partnership.<\/p>\n<li><strong>Nikola Corporation<\/strong><\/li>\n<p>Although Nikola Corporation has\u2063 not filed for \u200bbankruptcy yet, the company paused assembly production and implemented cost-cutting measures after incurring a $240 million loss in the first fiscal quarter of 2023. This \u2062decision resulted in a 13% drop in the company&#8217;s stock shares.<\/p>\n<p>Nikola&#8217;s finance chief,\u2062 Stasy Pasterick, \u2064acknowledged the unsustainable level of\u200b cash burn and stated that the company is exploring various options for reducing spending and raising capital.<\/p>\n<\/ol>\n<p>Despite previously praising Proterra and other electric \u2064vehicle manufacturers, the Biden administration has not yet publicly commented on the latest bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House-supported green agenda suffered a setback as another electric vehicle company filed for Chapter 11 bankruptcy. Under this code, companies can continue operating while reorganizing their debts and assets. Biden marks the one-year anniversary of chips by pledging to take action.<\/p>\n","protected":false},"author":1,"featured_media":1995597,"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-1995596","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\/1995596","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=1995596"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1995597"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1995596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1995596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1995596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}