Bumpy ride: A Proterra electric bus next to solar panels at a bus maintenance facility in Los Angeles. The company has been unable to turn a profit in 20 years of operations. — Reuters
Los Angeles: Electric bus maker Proterra Inc had support from US President Joe Biden, contracts with 135 transit agencies and US$309mil in revenue.
But despite that, it couldn’t turn a profit after nearly 20 years and filed for bankruptcy last week. In doing so, it revealed that a diversified business in the growing EV market and millions in government loans weren’t enough to keep it afloat.
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