The company says it has initiated cost cutting measures to decrease its expenses by approximately 55% to an average of USD2.7m per month, with the aim of maintaining the business as a going concern beyond the next twelve months.

New automated facility will help reduce logistics costs.

An investment group, led by Canadian real-estate tycoon Vincent Chiara, submitted this bid. This comes after the Board has been actively seeking capital in order to restructure the business.

In spite of considerable sums of investment in support of Switch in the UK - Ashok Leyland views closure as possibility for UK subsidiary.

It previously shut down its European operations in Germany. Post-restructuring, Accuride has sharpened its strategic focus exclusively on the North American wheels segment.

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.