Volta Trucks: New Funding Round and 2500 Pre-orders
Volta Trucks plans to use the newly raised funds to accelerate the development of pilot vehicles, which are to be tested by customers in London and Paris in mid-2022. The latest financing round was again led by the US venture capital firm Luxor Capital, which expanded its stake accordingly. Other existing investors also increased their investments, and additional partners were secured. Investments also came from strategic partner and initial investor Proterra, which will supply the batteries for the Volta Zero.
Series production is scheduled to begin at the end of 2022. The company has announced four more models weighing between 7.5 and 19 tons, which will be offered in the European and US markets. By 2025, over 27,000 vehicles are expected to be sold. Following a doubling of order intake in the past three months, more than 2,500 Zero vehicles with a total order value of over 600 million euros have now been pre-ordered. The first vehicles for Europe are to be produced in Upper Austrian Steyr by Steyr Automotive. The company plans to always produce its trucks close to the markets. Further global production sites are already under discussion. Volta Trucks CEO Essa Al-Saleh proudly stated:
"The fact that we were able to attract several new investors and increase investments from existing partners, thereby securing a total of 37 million euros in investments, is a strong endorsement of our chosen path and shows that our investors share and support our development and growth strategy."
He benefits from a pre-order book that is well-filled by truck standards:
"The simultaneous announcement of over 2,500 pre-orders for the all-electric Volta Zero shows that customers also understand and share our mission to revolutionize and decarbonize urban logistics and bring all-electric commercial vehicles to market as quickly as possible."
What does that mean?
Volta Trucks is consistently taking the next step and is also becoming the savior and first contract manufacturer at the Steyr site, where the plant needs to attract new customers after being sold by MAN. The Austrians have experience, so Volta is likely to be spared many start-up complaints in a "production hell."
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