EV Company Promoted By Biden Goes Broke

[Rightguide]

Electric Vehicle Company Heavily Promoted by Biden Admin Goes Bankrupt​

• by: Matt Palumbo
• August 08, 2023

Proterra, an electric bus manufacturing company promoted by the Biden administration, had everything it needed to succeed - and failed anyway.

As the Washington Free Beacon’s Chuck Ross reported:

Proterra cited "various market and macroeconomic headwinds" in a Chapter 11 filing on Monday, which came after the California-based firm cut hundreds of jobs earlier this year and restructured hundreds of millions of dollars in outstanding debt.

Proterra stood to rake in millions from Biden's infrastructure and green energy initiatives, the former of which included at least $5 billion in spending on electric buses alone. Biden's flagship climate bill, the Inflation Reduction Act, also includes spending to help cities convert from diesel buses to electric buses, a major incentive for companies like Proterra.

JoAnn Covington, Proterra's chief legal officer, acknowledged last year that tax credits and federal grants under Biden's bills were a major incentive for the company. Grants to purchase electric buses and to create electric vehicle charging infrastructure would "open up opportunities to accelerate adoption of battery-electric and zero-emissions vehicles to all the other commercial segments on the cusp of being electrified," Covington said.

More here: https://bongino.com/electric-vehicle-company-heavily-promoted-by-biden-admin-goes-bankrupt

Another left-wing fantasy bites the dust.

 

[ll74]

Feel free to provide sources where Biden promoted them over other companies.

 

[StepMomSteph]

Doesn't compare to Yellow Trucking's "BankTrumptcy" costing taxpayers $6000,000,000.00

 

[phrodeau]

The Ford Motor Company was planning to spend $1.6 billion on a car plant in Mexico, until Trump tweet-threatened them and they canceled the deal.

So they started a plant in China instead.

 

[LLCox]

Tippy top of the coming bankruptcy Tsunami in the US.

 

[Bray123]

I remember when a casino promoted by Trump personally went broke.

 

[Buffalogurl]

Electric Vehicle Company Heavily Promoted by Biden Admin Goes Bankrupt​

• by: Matt Palumbo
• August 08, 2023

Proterra, an electric bus manufacturing company promoted by the Biden administration, had everything it needed to succeed - and failed anyway.

As the Washington Free Beacon’s Chuck Ross reported:

Proterra cited "various market and macroeconomic headwinds" in a Chapter 11 filing on Monday, which came after the California-based firm cut hundreds of jobs earlier this year and restructured hundreds of millions of dollars in outstanding debt.

Proterra stood to rake in millions from Biden's infrastructure and green energy initiatives, the former of which included at least $5 billion in spending on electric buses alone. Biden's flagship climate bill, the Inflation Reduction Act, also includes spending to help cities convert from diesel buses to electric buses, a major incentive for companies like Proterra.

JoAnn Covington, Proterra's chief legal officer, acknowledged last year that tax credits and federal grants under Biden's bills were a major incentive for the company. Grants to purchase electric buses and to create electric vehicle charging infrastructure would "open up opportunities to accelerate adoption of battery-electric and zero-emissions vehicles to all the other commercial segments on the cusp of being electrified," Covington said.

More here: https://bongino.com/electric-vehicle-company-heavily-promoted-by-biden-admin-goes-bankrupt

Another left-wing fantasy bites the dust.

I'm curious as to how many "green"companies would survive without government subsidies?

 

[ll74]

I'm curious as to how many "green"companies would survive without government subsidies?

You misspelled oil companies

 

[Buffalogurl]

You misspelled oil companies

You have no idea how much the fed gov. taxes the oil producers for the crude at the wellhead...... or how much the fed gov. Receives for permits just to drill a well......

 

[Rightguide]

I'm curious as to how many "green"companies would survive without government subsidies?

Obviously none. They are all subsidized to failure without tax money. The technology is not ready for prime time as we speak and is causing major problems world wide:

Fire on Cargo Ship Packed With Porsches and VWs Is Reportedly Fueled by EV Batteries​

Electric car batteries may be complicating the attempts to put out the fire on the Felicity Ace.

BY MACK HOGANPUBLISHED: FEB 18, 2022

https://www.roadandtrack.com/news/a39137893/cargo-ship-fire-fueled-by-ev-batteries/

January 21, 2023
Print This Post

Shipping Company Prohibits EV Cars on Ferries After Ship Sinks from Fire Caused by EV Batteries​

https://healthimpactnews.com/2023/s...-ship-sinks-from-fire-caused-by-ev-batteries/

https://www.usatoday.com/story/news...ry-bursts-into-flames-california/11153031002/

https://www.cnn.com/2023/03/09/tech/lithium-ion-battery-fires/index.html

https://www.washingtonpost.com/climate-solutions/2023/04/08/ebike-battery-fire-explosion-safety/

https://en.wikipedia.org/wiki/Plug-in_electric_vehicle_fire_incidents

 

[ll74]

You have no idea how much the fed gov. taxes the oil producers for the crude at the wellhead...... or how much the fed gov. Receives for permits just to drill a well......

The subsidies outweigh the taxes.

 

[StepMomSteph]

Bankrumpt Steaks--blamed it on people with a sense of taste.

Banktrumpt Taj Mahal--blamed it on Native Americans.

 

[StepMomSteph]

Banktrumpt University--blamed on people being too stupid to even fill out their applications.

 

[Rightguide]

Banktrumpt University--blamed on people being too stupid to even fill out their applications.

You should probably learn how to spell and express yourself in writing.

 

[IrezumiKiss]

You should probably learn how to spell and express yourself in writing.

^^^
Too stupid to get the obvious joke.