Comeback after insolvency: DB Schenker to renew electric truck order with Volta Trucks
A spokesperson from DB Schenker told supply chain publication the Loadstar: “We pre-ordered 1,500 Volta Zero Trucks two years ago because we were convinced of the vehicle concept.” They are still interested in the order being carried out. “In 2023 we conducted several pilot tests across Europe. The outcome of that was very promising and we see the truck concept still as a potential game-changer for the last-mile delivery“, the spokesperson said. DB Schenker is “in an intensive exchange with Volta and Luxor to take up the pre-series tests again and onboard the first vehicles as soon as possible.”
Just a few weeks ago, Volta Trucks had already announced that it was preparing for a comeback in selected European markets under its new owner Luxor Capital. The e-truck manufacturer is aiming to make its first deliveries to customers in Germany by the end of the year, it said at the beginning of April, followed by order fulfilment in France, the UK and Scandinavia. This would therefore fit in with the statement from the DB Schenker spokesperson.
There were already indications of a resumption of activities at Volta Trucks in advance: contract manufacturer Steyr Automotive publicised at the beginning of March that it would soon be producing electric trucks for Volta Trucks in Austria again. As reported, the startup had to file for insolvency in October – not only the Swedish unit, but also the group’s most important trading company, Volta Trucks Limited, based in England.
The background to this was the insolvency of Volta’s battery supplier Proterra in August, which had a “significant impact on Volta’s production plans”. In December, the insolvency administrators of Alvarez & Marsal Europe presented a deal with Luxor Capital. The hedge fund bought the British business and assets of Volta Trucks and founded its own sub-company, Volta Commercial Vehicles Limited.
With the comeback announcement at the beginning of April, Volta Trucks spoke out again for the first time after its insolvency and buyout. The company is preparing for its “sustainable comeback in Europe in 2024”, with the plan envisaging a simplified and more capital-efficient business model. The manufacturer only vaguely specified what exactly is meant by this. The focus is on “a fast market launch, capital efficiency and profitability”. Additionally, Volta Trucks will offer an innovative “chassis-cab” product in its new form, which will be supported by a maintenance and service offering as well as partnerships with body manufacturers.
It has also become clear that only around 150 of the approximately 600 employees are still on board. This is because the announcement published at the beginning of the month stated: “Re-launch activities are now underway with a team of around 150 employees, passionate to bring vehicles back on the streets of European cities”.
The new Luxor Capital sub-company called Volta Commercial Vehicles Ltd is registered in the UK. Vehicle development for series production of the 16 and 18-tonne versions of the Volta Zero is in full swing and is designed to meet the new GSR-2 (General Safety Regulation) standards by the time they come into force in July 2024. According to Volta, initial customer tests in live operation have also begun in the UK. A larger fleet of vehicles will then be available in the second quarter, also covering Germany, France, the Nordic countries and Austria.
“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”, said Essa Al-Saleh, CEO of the new Volta Trucks Commercial Vehicles Ltd., at the beginning of the month.
Luxor Capital Group says it is supporting a financing plan that includes a round of convertible financing next month and a larger Series A round for investors towards the middle of the year. The associated potential proceeds are intended to guide Volta Trucks through the series production phase and the realisation of customer orders and deliveries.
The company’s primary goal is to make the first deliveries to customers in Germany by the end of the year, followed by France, the UK and Scandinavia. The Volta Zero is to be used at the Olympic Games in Paris this summer, among other events. The joint planning with Steyr Automotive in Austria envisages “the resumption of series production before the end of this year”, according to Volta. According to information from “ORF Oberösterreich”, production is to be resumed as early as May. 500 electric trucks are to be produced in Steyr this year and 2,000 next year, it was reported in March. In addition, a new subsidiary of Steyr Automotive called Steyr Automotive E-Truck GmbH is to be founded, which will take over the production of electric lorries for Volta.
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