The announcement by Volta Commercial Vehicles that it has reached an agreement with Steyr Automotive, to produce its battery electric truck signals an important step in the company’s recovery from the ashes of administration last year.
The agreement with Steyr Automotive, the production partner Volta had already secured prior to its slide into administration last year, is a clear indicator the Volta Zero electric truck may yet make its way into series production. This agreement comes after a period of uncertainty for Volta, now trading as Volta Commercial Vehicles, following its bankruptcy and subsequent rescue by Luxor Capital, a major creditor. The slide into bankruptcy was blamed on disruptions in its supply chain, particularly from its main supplier, US-based battery supplier Proterra, itself now owned by Volvo Group.
Back in 2021 when the initial agreement between Volta and Steyr was confirmed, Steyr had reserved a capacity for 14,000 trucks per year. While the signing of this agreement represents an important milestone for both companies, no volume forecasts have been announced. In a statement released by Steyr management, the company said: “We are extremely pleased with the signing of the agreement as, for us, it represents an important milestone for the return to production in this crucial business sector. Our team is highly motivated to bring the innovative truck to the road together with our partner Volta Commercial Vehicles.”
