According to a press release published on the company website, the board took the decision to put Volta Trucks into administration when it failed to raise the investments needed to maintain its capital expenditure towards a relaunch.

The Aldergrove Star reports that FTI Consulting, which was appointed as the company’s receiver and manager last year, decided against selling the assets en masse, following ten responses to a public invitation for purchase offers.

According to a Volvo spokesman, the market has been negatively impacted by “uncertainty about freight rates and demand, possible regulatory changes, and the impact of tariffs”.

Locations affected by the measures include Gilching, Hengersberg, Neubrandenberg, and Utting, in addition to the headquarters.

The company stated that the market for electric charging infrastructure is labouring under “strong price pressures” and declining growth potential for low-power chargers.

The company has signalled its intention to move away from its work on self-driving vehicles towards applications in the digital entertainment industry, after coming under investigation from American authorities for illicit technology transfers to China (settled in 2024).

Closure is part of broader efficiency drive.

On 17 February, the German group stated that, due to the “high level of investment required” to expand its EV portfolio, it is considering whether the commercial vehicle business would perform better in “a different environment”.

“Despite substantial investments, including GBP 25 million in UK government grants, the vision of vehicle manufacturing has failed,” the British startup said in a press release announcing its change of strategy.

Since November of last year, Scania has sent employees to the ‘Ett’ plant at Skellefteå in northern Sweden to assist with the ramp-up of cell production, according to a Reuters report.

The French manufacturer says it will reorganise itself into four business groups: Exterior & Lighting; Modules; C-Power; and H2-Power.

Stohner, who is managing director of Alvarez and Marsal, known for its turnaround and performance improvement work, took up the role of Chief Restructuring Officer on 15 January following “weeks” of discussions with Webasto.