- Steyr Automotive’s crucial agreement signals the restart of Volta Trucks production
- The collaboration is yet to confirm a start date for production
- The deal marks a vote of confidence as the scale-up comes back from administration in October 2023
The Volta Trucks and Steyr Automotive agreement is a vital step towards the company’s recovery
Steyr Automotive has taken a crucial step towards resuming Volta Trucks production by signing an initial agreement. This milestone follows rigorous negotiations and collaboration among all parties involved.
Steyr Automotive commented:
“We are extremely pleased with the signing of this agreement, as it represents an important milestone for the resumption of production in this important business area for us. We and our team are highly motivated to bring this innovative truck onto the road together with our contract partner Volta Commercial Vehicles.”
In December 2023, Luxor Capital Group, a major creditor, came to the rescue of Volta. The group acquired the electric truck scale-up following its administration in October. The buyout secured the future of Volta Trucks under the ownership of Volta Commercial Vehicles Ltd.
This agreement with Steyr Automotive signifies a critical juncture for Volta Trucks. It serves as a beacon of hope amid the challenges faced by the electric vehicle industry. Recently within the passenger vehicle space, Apple has reportedly pulled out of the emobility sector, and Aston Martin has delayed its EV ambitions by a year. Seeing such a promising commercial electric vehicle start-up continue despite adversity is a confidence boost the full emobility sector needs.
As the deal unfolds, the attention now shifts to how Volta Trucks, under the new ownership, will reshape its position in the EV market. The industry will be closely following the process, especially with Steyr’s collaboration to get Volta back on the road
