Volvo acquires Proterra battery business

Volvo acquires Proterra battery business

At a price of roughly $210M, Volvo says the acquisition will speed up their EV plans.

The Volvo Group has announced that it completed the transaction to acquire the battery business from Proterra Inc. and Proterra Operating Company Inc. on Feb. 1. The purchase comes at a surface-level cost of $210M, but that will be adjusted for inventory level at closing. The deal includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.

“These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery-electric roadmap even further,” says Lars Stenqvist, CTO of the Volvo Group.

Volvo says that it intends to run Proterra as a going concern and deliver to selected customers, adding that the transaction has no material impact on the Volvo Group financial performance.

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