It was a sad day back on 17OCT23, when Volta Trucks filed for bankruptcy. The fresh, forward-looking company with the most beautiful trucks in the industry had seemed so full of promise, bringing safer and greener logistics to our roads. The sad days are about to end. Volta announced this week that it is gearing up for a comeback this summer. This time as UK-registered ‘Volta Commercial Vehicles Ltd’. Since coming out from administration on 01DEC23, its financial backer, Luxor Capital, has been busy cooperating with a dedicated team to create a clear, efficient business plan, and a European re-launch is underway. The new company employs around 150 staff and is concentrating Volta Zero 16t and 18t versions, planning series production and GSR-2 (General Safety Requirement) standards from JUL24. Customer trials are already ongoing in the UK. Germany, France, Nordics, and Austria are to see larger fleets during this quarter, and the company is planning to resume series production with Austrian Steyr Automotive later this year. Before that, Volta is looking to partner with customers to have the distinctive Volta Zero on the road during this summer’s Paris Olympics.
Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles Ltd, explained: “We’re looking to confirm orders with existing customers [in Germany, France, UK, and Scandinavia], reassemble the supply chain, complete a crucial [Series-A] fundraising round, and ensure series vehicles are ready for delivery. Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever. During the last couple of months, we have analyzed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability. The new Volta Trucks will provide an innovative “chassis-cab” product, supported by a tailored Maintenance and Service offering and partnerships with certified Body Builders. We believe this will best support our customers’ immediate needs and facilitate the electrification transition [and] with the City of Paris aiming to create the greenest Olympics ever, this is a perfect opportunity for our logistics and consumer-brand customers to showcase the future of urban logistics.”
