Watters: Largest U.S. Electric Bus Company Goes Bankrupt After Dems Invest Millions :: Grabien News https://storagealpha9.grabien.com/c...959915/2037989.mp4?key=yDDptlGETW1IJxJO4CYccA Wow what a waste of our taxes once again
They filed Chapter 11 due to high upfront costs paired with global inflation and the slow timeline on which government agencies pay vendors. Here is what is most likely a more measured article: What led to EV darling Proterra's bankruptcy | TechCrunch
Waiting for the OP, but the only thing that appears is a PPP loan, which was a Republican hand out. The company was a SPAC. The OP seems to imply Dem pump of the company, but no taxpayer funding appears in those private investments by Dems. Appears to be a faulty business model that was caused by more expensive critical materials (ie using Nickel and not Lithium) and custom order.
Chapter 11 means the company will probably survive ... On the topic of bankruptcy ... let's play a game .... who said this: “What I’ve done is I’ve used, brilliantly, the laws of the country. And not personally, just corporate. And if you look at people like myself that are at the highest levels of business, they use – many of them have done it, many times,” “But do any average Americans pay the price, though, for that?” Muir responded. “I’m running a business, I’m running a business for myself."
T Biden-Backed Bus Maker Got Millions in Aid Before Bankruptcy (yahoo.com) The Burlingame, California-based company was awarded a $10 million loan from the Paycheck Protection Program by the Trump administration in 2020 that was forgiven in May 2022, according to a company filing Wednesday. Proterra reported it as a net gain of $10.2 million after interest payments were refunded by the Small Business Administration, the Securities and Exchange Commission filing said. The Covid-relief aid came on top of other federal government incentives and support for the electric bus industry more broadly, as well as repeated shout-outs for the company from Biden. Proterra was also widely expected to benefit from new demand for electric buses fostered by last year’s infrastructure and climate laws, including more than $5 billion earmarked for replacing existing buses with zero-emission models and new tax credits for battery and clean-vehicle manufacturing.
Only the GOP and right wingers celebrates failing businesses, movies, or whatever based on their own warped politics. Better article from Post is below. Biden's infrastructure bill is available to companies like Proterra but I didnt read anything they received except the PPP loan. Feel free to correct. https://www.washingtonpost.com/transportation/2023/08/12/proterra-bankruptcy-electric-buses/
Speaking of Paycheck Protection Program loans to the politically well connected. Here's another example: 1 Percent of P.P.P. Borrowers Got Over One-Quarter of the Loan Money (Published 2020)
If someone wants to take the time to deep-dive into the company's recent 10-Q, here it is: Inline XBRL Viewer And a recent prospectus Document It looks like they have a real COGS problem ..... including obsolete inventory and warranty losses. Additionally, there was a significant loss in the prior quarter on an early debt extinguishment resulting from "the amendment and restatement of the Convertible Notes".
Your obsession with Donald Trump causes you to post “off topic” on a regular basis. Is this obsession love, hate, jealousy, or something else. I pray you are not OCD.
Trump was an example of politically well connected person albeit indirectly through tenants in his office tower benefiting from the PPP program.
I used Trump's property as an example, but there were many companies that declared bankruptcy after receiving PPP loans. Although this article is behind a paywall the title says it all and the WSJ is a credible publication which if anything has a conservative bias. Protera was not unusual as you seem to be implying. WSJ News Exclusive | Hundreds of Companies That Got Stimulus Aid Have Failed
