Blaming “headwinds” in the electric vehicle industry, an electric bus company promoted over and over by Joe Biden has fallen into Chapter 11 bankruptcy.
According to a report from Fox News, the troubled company is Proterra, of California, whose CEO Gareth Joyce claimed, “While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
He said his company wants to sharpen “our focus as a leading EV battery technology supplier for the benefit of our many stakeholders.”
The report said Proterra repeatedly has been celebrated by Biden.
Its move into voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code is intended to make its “financial position” stronger, the report said.
It said it would continue operating normally during the reorganization process.
“The foundation we have built has set the stage for decarbonization across the commercial vehicle industry as a whole, and we recognize the great potential in all of our product offerings to enable this important transformation,” Joyce said. “This is why we are taking action to separate each product line through the Chapter 11 reorganization process to maximize their independent potential.”
Biden invited Proterra to a virtual White House event in 2021. And it has been “boosted” by Biden multiple times, the report said.
Biden took the opportunity at the event to boast that he was a bus driver, during his law school years, even though Newsweek reports there’s “few details” available about “his time as a school bus driver.”
He claimed to have driven bus for “summer school” and “during the year” through “a lot of snow.”
He also boasted of his support for giving billions of taxpayer dollars to transit bus companies to make them electric, which means they often are dependent on coal-fired power plants for their charging stations instead of using fossil fuels in motors.
Energy Secretary Jennifer Granholm previously was on Proterra’s board of directors and owned shares in the company, the report said. Critics point out that many questions remain as she continued to own the stock even after she was appointed.
And Biden appointed Joyce to the White House Export Council.
His announcement at the time said, “Gareth Joyce serves as Chief Executive Officer and Board Member at Proterra. Joyce brings to Proterra a long and distinguished career that spans the automotive, aviation, and consulting industries with a consistent focus on environmental sustainability and decarbonizing the transportation sector.”
Original Article: https://www.wnd.com/2023/08/electric-bus-company-promoted-biden-falls-chapter-11-bankruptcy/
