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Photo: DB Schenker
DB Schenker, one of Volta’s largest customers, says it hopes the electric truck manufacturer can emerge from bankruptcy and continue to help it pursue decarbonisation goals.
In November 2021 the German logistics giant “pre-ordered” 1,500 Volta Zero trucks, which were scheduled to begin being delivered around now.
“Our partner, Volta Trucks, informed us yesterday about this [bankruptcy] step and we are in an exchange about how to proceed,” a DB Schenker spokesperson told The Loadstar.
“We pre-ordered 1,500 Volta Zero trucks two years ago because we are convinced of the vehicle concept and are taking a pioneering role in investing in more environmentally friendly transport solutions.
“DB Schenker will closely monitor the process that is now beginning and decide in due course how to proceed with the order. We wish Volta Trucks every success in the upcoming process,” the spokesperson added.
This morning it was confirmed that Andrea Jakes, Mark Firmin and Jo Hewitt, of Alvarez & Marsal Europe, have been appointed as joint administrators to Volta Trucks, the UK subsidiary of the Swedish parent company. They will look for new investment for the firm.
“As administrators, we will continue to consider the options for the company as we search for a potential buyer to secure the future of the business,” they said.
Meanwhile, DB Schenker said the bankruptcy “has no impact” on it as the firm ordered vehicles but had not invested in Volta Trucks as a company. The spokesperson added: “So far, the first pilot vehicles are in use. Delivery of the first series of vehicles was scheduled for this autumn.”
The DB Schenker pre-order followed a similar commission for 1,000 Volta Zeros by French refrigerated leasing company Petit Forestier. The company was contacted by The Loadstar, but declined to comment.
Over the past few years Volta Zero trucks had trials in five European countries and the manufacturer said it had a “strong pipeline of highly reputed customers who wanted to introduce Volta Zero Trucks into their fleets”.
Interest was confirmed by DSV, dpd, GXO, Rhenus and Marks & Spencer, among others. And only last month, French bank Societe Generale Equipment Finance (SGEF) announced a partnership with the truck-maker “to offer vehicle financing as part of Volta’s Truck as a Service solution”.
At the time, SGEF chief commercial officer Florence Roussel-Pollet said: “This financial support will enable businesses to embrace the progression to electric fleets, fostering sustainability and innovation in the industry.”
SGEF also declined to comment today.
Volta Trucks announced its bankruptcy this week, following the “significant impact on manufacturing plans” in August when its battery supplier, Proterra, filed for Chapter 11 Bankruptcy, which “reduced the volume of vehicles [it] had forecast to produce”.
“The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players,” Volta said.
This has raised questions about how other EV manufacturers will fare, and whether the bankruptcy would shake buyer confidence in the technology.
The environmental impact will also be costly – Volta had estimated that Volta Zero trucks would eliminate 1.2m tonnes of CO2 by 2025.
And a significant number of jobs are likely to be lost across Europe, potentially involving Volta’s head office in Sweden and a manufacturing facility in Austria. It also has sales teams in France, Spain, Italy, Germany, the Netherlands and the UK, and the company acknowledged “the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners”.
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