Volvo to Buy Battery Business From Proterra for $210 Million
10 November 2023 - 6:54PM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Volvo will buy the battery business from Proterra and
Proterra Operating Company for $210 million as it seeks to
complement and accelerate its battery-electric portfolio.
Proterra and Proterra Operating Company are in a voluntary
Chapter 11 bankruptcy process in the U.S. and Volvo has been
selected as the buyer via an auction process, it said Friday.
The assets to be acquired include a development center for
battery modules and packs in California and an assembly factory in
South Carolina.
Closing is expected in early 2024 and will be subject to
approval by the bankruptcy court as well as merger clearance and
certain other conditions.
The transaction has no material impact on the Volvo's financial
performance, it added.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 10, 2023 02:39 ET (07:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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