RE:Proterra Receivership RE:PROTERRA..what i understand is that INFLATION would have made this a money losing order for the new owner of Proterra's transit business so they walked away...should be good news for NFI..hopefully these transit outfits will learn to stop taking the lowest unit price ..PAY NOW or PAY LATER..see below...meanwhile, NFI back above $13...dwdc
BC Transit’s plans to integrate 10 electric buses ordered from the now-bankrupt manufacturer Proterra are officially dead, following a court ruling determining that Phoenix Motor, the company that acquired Proterra Transit’s business, has “no contractual obligation” to fulfill the transit authority’s electric bus order.
In May 2022, BC Transit placed an order for 10 electric buses, in a deal worth $20 million, from Proterra, a California-based electric bus manufacturer. In early 2023, the transit agency received its first Proterra test bus and announced plans to introduce electric buses in Victoria by the end of the year.
However, last August, Proterra’s financial difficulties forced it to file for Chapter 11 Bankruptcy. Subsequently, Phoenix Motor (which also uses the name Phoenix Motorcars), a California-based developer of zero-emission electric vehicles, acquired Proterra’s transit assets for $10 million. BC Transit says it had “several discussions” with Phoenix about assuming the Proterra contract for the 10 electric buses. However, a court decision on March 5 found that Phoenix is not obligated to assume the BC Transit contracts, citing “several factors.” The spokesperson for BC Transit says it expects to have “good news” to share about its next steps forward in the coming months.