Following its rescue from administration in December 2023, Volta has made its first public statement of its plans to re-enter the European truck market in 2024.
The company, now renamed Volta Comercial Vehicles Ltd, has undergone restructuring led by Luxor Capital, stripping costs and making the the business model more ”capital-efficient”. The new plan, announced at the beginning of April, will prioritise customer trials, rekindling the strong previous interest. First customer deliveries are targeted by the end of the year, starting with customers in Germany, followed by France, the UK, and Scandinavia.
Under the new ownership, the UK headquartered business, has commenced operations with a team of approximately 150 employees dedicated to reintroducing Volta trucks onto European roads. The company is focused on developing its 16t and 18t versions of the Volta Zero, aligning with the GSR-2 (General Safety Regulation) standards set to take effect in July. Customer trials have commenced in the UK, with plans to expand to Germany, France, the Nordics, and Austria in the second quarter. Collaboration with Steyr Automotive in Austria is also expected to resume series production later in the year.
“We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial 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,” said Essa Al-Saleh, who remains at the healm of the new Volta Trucks Commercial Vehicles as CEO.
“During the last couple of months, we have analysed 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,” he added.
