‘Resuscitated’ Volta Trucks set to resume production at Magna Steyr

E-truck start-up Volta Trucks has signed a preliminary agreement with Austrian production specialist Steyr Automotive to continue producing its trucks. The Swedish start-up filed for bankruptcy in October last year but was bought out by Luxor Capital Group, one of its creditors, in December.

It seems that the Volta Trucks story will continue after all. In October, following the collapse of its battery supplier Proterra, the Swedish company filed for bankruptcy. The US hedge fund Luxor Capital Group bought it out, forming Volta Commercial Vehicles Ltd. as the new parent company for the manufacturer.

Steyr back on board

The plan seems to be to continue where Volta left off, which is the start of production at Steyr Automotive in Austria. Both parties have signed a preliminary agreement to continue the production of the Volta Zero, a battery-electric truck designed for urban use thanks to optimal visibility and modern safety systems.

“We are pleased to have signed this agreement, as it represents an important milestone in the resumption of production in this important business area for us. Our team is highly motivated to put this innovative truck on the road with our contractual partner, Volta Commercial Vehicles,” said Steyr Automotive’s management.

Next up: fulfilling orders

Securing a production location was highly important for Volta, as it already had a filled order book since unveiling Zero in 2020. Around 6,500 models were already on order, and Volta partnered with several European transport companies. A truck with the 2024 Paris Olympics logos has also been spotted on the roads of the French capital.

However, there is no mention of which supplier will replace Proterra for the Volta Zero batteries. Proterra’s business unit, which built the batteries, was acquired by Volvo Group as part of the bankruptcy proceedings.