Volvo wins Proterra auction


Staff reporter

Volvo is paying US$210 million to buy US EV battery maker Proterra out of bankruptcy.

The Swedish car and truck maker said the deal, subject to US regulatory clearance, was expected to close early next year.

“The assets to be acquired include a development centre for battery modules and packs in California and an assembly factory in South Carolina,” Volvo said.

“With this acquisition, Volvo Group will complement the current, and accelerate its future, battery-electric road map.”

 

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