Major car maker that ‘set industry standard’ bankrupt after ‘burning cash’ and ‘ losing money on every specific sale’ ...Middle East

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Major car maker that ‘set industry standard’ bankrupt after ‘burning cash’ and ‘ losing money on every specific sale’
A MAJOR car maker has declared bankruptcy after going into financial freefall. California-based manufacturer Proterra said in court filings it was struggling to be financially profitable while developing custom-designed buses for transportation provider CapMetro, The Washington Post reported in August. ProterraCar manufacturer Proterra has filed for bankruptcy[/caption] One reason for Proterra’s struggles is that the company doesn’t recognize revenue until it delivers buses to CapMetro. “While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic head winds, that have impacted our ability to efficiently scale a

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