Volta Trucks is returning to the European market this year

  • Volta Trucks, owned by Luxor Capital, aims for a sustainable European market return in 2024.
  • Streamlining operations, Volta develops electric trucks meeting safety standards.
  • Collaborating with partners, Volta aims to showcase eco-friendly solutions during the Paris Olympics.

Under new ownership, and with a new business model, Volta Trucks will return to Europe

Volta Trucks is returning to the European market in 2024. It emerged from administration and was subsequently acquired by Luxor Capital. Under new ownership, the electric truck manufacturer is undergoing a significant transformation, focused on efficiency and innovation.

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Since its reformation as Volta Commercial Vehicles Ltd on December 1, 2023, the company has been diligently working to reintroduce its electric trucks to European cities. Led by a dedicated team of approximately 150 employees, Volta is streamlining operations and adopting a more capital-efficient business model.

Central to Volta’s revival strategy is the development of its 16-ton and 18-ton versions of the Volta Zero. They are engineered to meet the stringent General Safety Regulation (GSR-2) standards, which come into effect in July. To ensure compliance and readiness, the company has initiated customer trials in the UK. Plans for expansion into Germany, France, the Nordics, and Austria are in the second quarter of the year.

Volta’s CEO, Essa Al-Saleh, commented: 

“We’re looking to confirm orders with existing customers, reassemble the supply chain, complete a crucial fundraising round, and ensure series vehicles are ready for delivery. Right now, we are in the midst of discussions with all our suppliers and partners to enable these objectives. We have learned a lot from our challenging journey and are emerging stronger and more focused than ever.” 

Collaboration plays a key role in Volta’s rejuvenation efforts. The company is actively partnering with Steyr Automotive in Austria. This is to resume series production later this year. Additionally, Volta is in the process of reestablishing its supply chain and securing funding. Luxor Capital is backing a financing plan that includes convertible financing and a larger Series-A round for investors.

Al-Saleh continued:

“During the last couple of months, we have analyzed our original business plan and worked hard to simplify our business model with a strong focus on speed to market, capital efficiency and profitability. The new Volta Trucks will provide an innovative chassis-cab” product, supported by a tailored Maintenance and Service offering and partnerships with certified Body Builders. We believe this will best support our customers’ immediate needs and facilitate the electrification transition.” 

Looking ahead, Volta Trucks seeks to showcase its electric trucks during the Paris Olympics. This aligns with the city’s aspiration to host the most environmentally friendly Olympics to date. This event provides a platform for logistics and consumer-brand customers. They can highlight the future of urban transportation with Volta Zero.

Volta Trucks is back. Under new ownership, the phoenix has risen from the ashes, and these stunning electric trucks will hit the roads once more. Once the supply chain is set, Volta will be completing orders and charging ahead under a new business strategy. This fantastic news comes after months of uncertainty and deliberation. It shows how, given support, the most innovative voices in our industry can flourish.

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