Major Electric Vehicle Company Promoted by Biden Declares Bankruptcy
- August 8, 2023
Proterra, the California-based electric vehicle (EV) company touted by President Joe Biden, has filed for bankruptcy
The company, which made electric buses and parts for EVs, cited “various market and macroeconomic headwinds” in announcing on Aug. 8 that it was filing for Chapter 11 bankruptcy protection.
Energy Secretary Jennifer Granholm once served on Proterra’s board of directors and, several months after assuming her government role, she sold around $1.6 million worth of Proterra shares after facing conflict-of-interest criticism.
“While we are pleased that Secretary Granholm has eventually done the right thing and divested herself from Proterra, many questions remain unanswered,” Michael Chamberlain, the director of Protect the Public’s Trust, said in May 2021 after Ms. Granholm sold her Proterra shares.