I thought this whole green energy push would create lots of profits. No?
Electric Bus Company Proterra Backed Heavily by Biden Administration Files for Bankruptcy
Proterra, an electric bus company that received heavy backing from President Joe Biden’s administration, filed for bankruptcy on Monday.
The Burlingame, California-based EV company has been a source of controversy for the Biden administration because Biden’s Energy Secretary Jennifer Granholm hyped the company in her official capacity despite the fact that she previously served on Proterra’s board and held over a million dollars worth of stock in the company even after she was confirmed as the head of Biden’s Energy Department.
Proterra was founded in 2004 and, according to Canary Media, had raised “about $682 million in venture capital from investors including Daimler, Generation Investment Management, Kleiner Perkins, Tao Capital Partners, Soros Fund Management, Cowen Sustainable Advisors and GM Ventures to build electric buses that gained a foothold in early North American deployments.”
Biden has heavily promoted Proterra throughout his presidency, at one point saying the company would help America own “the future” if it kept on track. Three months into his presidency, Biden held a virtual tour of the electric bus company’s South Carolina factory to promote his $1.9 trillion infrastructure plan.
What happens now? Will they reorganize and continue forward? If not, what of the 1,300 electric buses they’ve sold? What about parts for them? Was Proterra losing way more money despite selling 1,300 buses?
Despite this massive push from the Biden administration, Proterra filed for Chapter 11 bankruptcy on Monday, citing “various market and macroeconomic headwinds” that have impacted its business.
“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously,” Joyce said in a statement. “As commercial vehicles accelerate toward electrification, we look forward to sharpening our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
Well, a big problem is that green energy is expensive, and, sooner or later the true costs overrun the venture capital. Further, Proterra’s buses have been shown to have a lot of “downtime and performance issues”, as a Michigan school district stated. Not surprising in a cold climate.
Absolutely! It created enormous profits for those few people who are politically connected to the Democratic party.
The entirety of climate agenda is redistribution of wealth to connected people. Redistribution schemes by communists from wealthy to working classes only ever existed on paper in university settings. In practice, Communist wealth distribution has always been from working class to the wealthy, politically powerful, and their friends.
As dawn continuously points out the people at the top keep getting richer and richer. That’s because of all the hoaxes and schemes that Democrats call to push money into the coffers of Democrat supporters. As we all know the paradigm has shifted so that now most of the billionaires and millionaires are Democrats. And they all got their handouts and they all got their grift. And all the Democrats are experts of course we have to do is ask our resident expert doubt. He’s an expert on everything.
Fairy Tales used to start with, “Once upon a time….” Fairy Tales now start with, “According to experts…”
Yes the rich are getting richer, which is exactly why it was necessary for Trump to give them a 2 trillion dollar permanent tax cut.
Without that tax cut just imagine how much they would have had to pay!
Yes many of the elites are democrats BUT it is the GOP that stops taxes from being raised on them
No it’s not you freaking liar. Right now the left controls everything if they wanna raise taxes on anybody they can. The only thing stopping them is themselves
The entirety of America’s agenda is redistribution of wealth from the working class to the political donor class. Duh.
Democratic socialists (social democrats?) work to shift the benefits of worker productivity from the wealthy to the the working class. They do this by taxing the wealthy, cutting working class taxes and supplying benefits (healthcare, old age pensions, roads, clean air, clean water, police and fire protections, public education, unemployment pay, welfare/food programs) to the poor and working classes. Republicans oppose all these programs and prefer to succor the wealthy, their true constituency.
Rimjob: Democratic socialists (social democrats?) work to shift the benefits of worker productivity from the wealthy to the the working class.
In your dreams, chubby.
#TheFoulStencOfAfftonMO
#TrumpSaidPussy
Bwaha! Lolgf
BoyPussy just doesn’t understand much about the world…
#TrumpSaPussy
Face it, These EV ventures cannot survive without the largesse of greedy politicians who generously distribute taxpayer dollars to them (think Solyndra).
Yeah, un huh.
#ButTrumpSaidPussy!
Bwaha! Lolgf
Tesla stock price has doubled this year.
And good news for both Teach and Hunter Biden. Federal appeals court structure down the law prohibiting drug users from possesing firearms.
Gun grabbers sadz
Now next step is to allow All citizens including felons to reap the fruits of our beloved 2nd Amendment.
The lumpen proliteriat will be the vanguard of the revolution. The tyrannical government will fear the wrath of a fully armed citizenry as all citizens have the right to be armed, not just the government approved “good” citizens
again dowd stop lying. The Democrat communist did not tax the wealthy in fact they support the wealthy which is why the wealthy support them. You must think you’re talking to a bunch of fools. Billionaires don’t give billions to Democrats to get taxed. And if the Democrats actually wanted the tax the rich they would tax their wealth not their income. Taxing income only stops people in the middle from becoming rich it does nothing to harm the rich. You know that come on, man.
And all those benefits you claim Democrats supply are supplied by taxpayers. That means you’re robbing Peter to pay Paul and you’ve been doing that for 100 years. Fortunately there are enough stupid polls out there that keep voting for you.
The Democrat communists in this country currently have enough power and call it control enough industries and economic segments that they can command and demand whatever they want in taxes. Even on a state level they could tax the living hell on anybody they wanted to. Yet they only tax the middle class. Because they can’t tax the poor they don’t have any money and they can’t tax the rich because they’re their donors. So stop telling us that the Republicans are the party of the rich the Democrats are the party of the rich and have been for the last 50 years if you can’t see that you’re too blind to have a political discussion with or you’re too stupid one of the other.
The Democrat party is the party of all the wealthy television and movie celebrities all of the people in sports all of the people in corporations especially middle management and upper management OK they own everything so stop bellyaching about what the Republicans have thought they haven’t done **** cause they can’t. The only thing the republicans can do is go along with the democrats. Cause if they don’t they’re out of the game completely. We have a one party system it’s the liberals and the not so liberals and they’re all Democrat communists I don’t care what they call themselves.
L’Roy,
Don’t misunderstand, elite Dems are in on this scam too, but at least make an effort to appear interested in the working class. And Dems DO favor shifting the tax burden from the working class to the elites. That said, your suggestion of a wealth tax is exactly what Bernie Sanders and Elizabeth Warren support. Of course, most Dems and all Republicans oppose wealth taxes. The super wealthy tax avoidance business is a billion dollar a year industry! Elon, Bezos, Zuckerberg, Gates, the Waltons, Ballmer, Buffett, Ellison etc are sitting on over a trillion USDs that they “earned” (LOL) and can pass along for very little!
The US cannot survive the existing system, which is draining the working class. And Republican “Flat Taxes” or “Fair Taxes” further punish the working class.
The continued cutting of progressive federal taxes also reflexively causes states to increase their regressive taxes!! Again, hurting the working class.
The US top marginal tax rate has been as high as 90% and we thrived.
The citizens of every Western European nation are more content than are Americans who scramble for every dollar while we make new low tax multi-millionaires and billionaires weekly!!
Carbon boy-any proof of a “2 trillion permanent tax cut for the rich”? Didn’t think so. And what are the “rich”?
J-“Dems do this by taxing the wealthy, cutting working class taxes…”. Really? That’s J’s way of avoiding the fact that the US has one of the most progressive income tax systems in the free world. Trump cut “working class taxes” along with others in 2017-not that they were paying that much, anyway. Bottom 50% of wage earners only pay about 3% of the total income tax bill.
Electric vehicles are not ready for prime time, except maybe in niche markets. Like trains and the odd trolley powered by diesel generators or overhead cables. Maybe e-bikes as a novelty item.
Everything in an electric car is mature technology. except the battery. We’ve been making cars for over a century. The electric motor is even older than the gasoline engine. But it’s mature tech now. The battery is even older tech, but unlike the rest of the car, it’s just not there yet. Too bulky, heavy, underpowered, slow recharge, and prone to self-immolation.
The EV needs to go back to the drawing board until a practical power source is developed. Solid State batteries? Fuel cell? (expensive platinum needed, as well as hydrogen infrastructure), Mr. Fusion? 🙂
EV equities are a speculative ‘investment’ at this point. Much as during the developmental period for automobiles and trucks there will be some collateral damage. Remember Studebaker? Hudson?, etc. Bad decisions, poor capitalization, marketing problems, and so forth all have contributed to the failure of auto and truck [and bus] manufacturers. Many of the EV manufacturers now vying for a profitable market share will go under or sell out to another company. Government interference doesn’t help, competition will weed out the weaker companies.
Yes, I’ve said it before, EV’s are not ready for prime time and will remain a niche market item for some time to come. I think there is a market for electric/fuel cell trucks and delivery vans, probably busses as well, but not to replace the over the road fleet, mostly for local/short haul use.
By the way, Tesla had a short ‘correction’ around the first of the year and dropped to a recent low, the stock quickly rebounded and returned to a normal average price. Most folks that involve themselves in this follow trends and average