Phoenix Motor and Volvo complete acquisitions of Proterra business
By Bradley Osborne - 12th February 2024
USA – Early this year, transfers of assets owned by the erstwhile Proterra Inc of Burlingame, California to their new owners – including AB Volvo and Phoenix Motor – were completed, following Proterra’s filing for Chapter 11 bankruptcy protection last August.
On 12 January, Phoenix Motor announced that it had completed its acquisition of the Proterra Transit business, including its line of battery-electric buses, after receiving approval from the U.S. bankruptcy court. Phoenix Motor CEO Denton Peng commented that the company has “already identified attractive growth opportunities as we add transit buses to our product offering and we look forward to servicing Proterra Transit's existing customers and developing long-term relationships with them”.
