A major US manufacturer of electric transit buses has filed for Chapter 11 bankruptcy, while a Canadian one is amassing losses..Proterra Inc., said in an Aug. 7 press release that it “intends to continue to operate in the ordinary course of business” as it files Chapter 11 bankruptcy proceedings and looks to restructure its operations..“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale all of our opportunities simultaneously,” said Proterra CEO Gareth Joyce in a press release..“As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”.More than one year ago, in Q4 2021, the California company reported a growing backlog of orders due to supply chain disruptions and pandemic-related labor absenteeism..The company claims to have amassed 40 million service miles and displaced more than 180 pounds of CO2 emissions since launching the first battery-electric transit buses in 2010. Proterra has manufacturing facilities in Silicon Valley, Los Angeles and two locations in South Carolina. ..NFI Group, a Winnipeg-based electric and traditional bus and coach manufacturer, also faces financial challenges. In a July 25 press release, NFI said it expected a net loss of $48 million to $52 million in the second quarter of 2023, causing a loss of 62 to 67 cents per share..The company cited supply chain disruptions and delivery delays on electric buses as reasons for high inventories. It will delay final details of its second quarter finances until Aug. 16..On May 10, NFI announced a refinancing plan that included a $150 million equity issuance and $200 to $250 million second lien debt financing. The maturity date for its $761 of North American debt was extended from Aug. 2, 2024 to April 30, 2026, while the maturity date for £31 million in the UK was extended from June 30, 2023 to April 30, 2026. .The Government of Manitoba and EDC also both confirmed their intention to extend payback of $50 million to April 30, 2026. EDC also made available a $100 million guarantee facility to back up bonding requirements for new vehicle contracts..On its website, NFI says it is “leading the evolution to zero-emission mobility.” The site claims its battery-electric and fuel cell-electric vehicles are in more than 130 cities in six countries and have completed more than 115 million electric service miles. On Aug 8, NFI announced delivery of its 1,500th electric bus in London, England.
A major US manufacturer of electric transit buses has filed for Chapter 11 bankruptcy, while a Canadian one is amassing losses..Proterra Inc., said in an Aug. 7 press release that it “intends to continue to operate in the ordinary course of business” as it files Chapter 11 bankruptcy proceedings and looks to restructure its operations..“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds that have impacted our ability to efficiently scale all of our opportunities simultaneously,” said Proterra CEO Gareth Joyce in a press release..“As commercial vehicles accelerate towards electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”.More than one year ago, in Q4 2021, the California company reported a growing backlog of orders due to supply chain disruptions and pandemic-related labor absenteeism..The company claims to have amassed 40 million service miles and displaced more than 180 pounds of CO2 emissions since launching the first battery-electric transit buses in 2010. Proterra has manufacturing facilities in Silicon Valley, Los Angeles and two locations in South Carolina. ..NFI Group, a Winnipeg-based electric and traditional bus and coach manufacturer, also faces financial challenges. In a July 25 press release, NFI said it expected a net loss of $48 million to $52 million in the second quarter of 2023, causing a loss of 62 to 67 cents per share..The company cited supply chain disruptions and delivery delays on electric buses as reasons for high inventories. It will delay final details of its second quarter finances until Aug. 16..On May 10, NFI announced a refinancing plan that included a $150 million equity issuance and $200 to $250 million second lien debt financing. The maturity date for its $761 of North American debt was extended from Aug. 2, 2024 to April 30, 2026, while the maturity date for £31 million in the UK was extended from June 30, 2023 to April 30, 2026. .The Government of Manitoba and EDC also both confirmed their intention to extend payback of $50 million to April 30, 2026. EDC also made available a $100 million guarantee facility to back up bonding requirements for new vehicle contracts..On its website, NFI says it is “leading the evolution to zero-emission mobility.” The site claims its battery-electric and fuel cell-electric vehicles are in more than 130 cities in six countries and have completed more than 115 million electric service miles. On Aug 8, NFI announced delivery of its 1,500th electric bus in London, England.
