Transit agencies across the country are switching to the pricey, zero-emission models, and the Biden administration is pouring billions of dollars into the effort, aiming to get polluting diesel engines off the street.
the company’s South Carolina manufacturing plant in 2021 and appointed Joyce this year to an advisory committee on trade.
But even as its bus business grew and Proterra branched out into other parts of the electric vehicle business, the company was showing signs of distress. In January, it announced plans to close a factory in City of Industry, Calif., and consolidate operations in South Carolina, a move that cost 300 jobs.
Steven Fox, an analyst at Fox Advisors who recently met with Joyce, said the bankruptcy came as a surprise because, in his view, the company has a path to profitability.“I’m stunned by the decision,” Fox said. “It wasn’t growing at an ultrafast pace, but it was growing.” Executives at Canada-based New Flyer say they also have faced challenges in recent years, although not to the extent as Proterra.Jennifer McNeill, the company’s vice president for public sector sales and marketing, said funding from the infrastructure law is driving the electric transition more quickly than expected. While McNeill said the company had struggled to obtain microchips and electrical components, she said those difficulties are easing.
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