Truckmaker Volvo to buy Proterra’s battery business for $210 mln ...Middle East

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Truckmaker Volvo to buy Proterra’s battery business for $210 mln
The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly/File photo Acquire Licensing Rights STOCKHOLM, Nov 10 (Reuters) – Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid. The auction was part of the electric vehicle part supplier’s ongoing U.S. Chapter 11 bankruptcy protection process. Volvo said in a statement it aimed to finalise the acquisition, which is pending approval by the bankruptcy court, early next year. Reporting by Anna Ringstrom, editing by Terje Solsvik Our Standards: The Thomson Reuters Trust Principle

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