Electric bus company that Biden touted as future, files for bankruptcy

quote:

---

Proterra, an electric bus company touted by the Biden administration, has filed for Chapter 11 bankruptcy. The electric vehicle and storage company, which has been featured by President Joe Biden on multiple occasions, filed for bankruptcy after the New York Stock Exchange closed on Monday night, according to Reuters. It valued its assets and liabilities at somewhere between $500 million and $1 billion, down from $1.6 billion in January 2021. The company's stock plummeted to nearly a third of its value within an hour of the quiet declaration, and by closing on Tuesday, it was roughly one-seventh of its Monday closing value. The electric vehicle company, which produces electric buses for transit fleets, has been highlighted by the Biden administration a few times, and the company's CEO, Gareth Joyce, was also appointed to a top White House advisory council by the president earlier this year. Biden also participated in a virtual tour of a Proterra manufacturing facility in South Carolina in 2021, where he revealed he used to be a bus driver. "I want you all to know I used to be a bus driver," he said at the end of the event. "You think I'm kidding. I'm not. I worked my way through law school driving a school bus."

---