Volvo to Acquire Proterra’s Battery Business 

Volvo Group emerges as the winning bidder, securing Proterra Inc.’s battery business in a USD 210M deal amid the voluntary Chapter 11 bankruptcy proceedings.

The transaction, pending court approval and expected to close in early 2024, encompasses assets like a California-based battery development center and a South Carolina assembly factory. This strategic acquisition enhances Volvo’s battery-electric roadmap with no material impact on financial performance.