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Good news for Steyr Automotive: Volta production will continue

Good news for Steyr Automotive: Volta production will continue

As Steyr Automotive confirmed on Tuesday, Volta has found a new majority owner in hedge fund Luxor Capitals. He wants to keep the e-truck manufacturer running and address the current backlog of orders. This means Steyr Automotive has a real chance that employees who were responsible for Volta will be able to return from their educational leave and start working again, according to Steyr. This affects approximately 150 employees. Corresponding discussions are currently underway.

Luxor Capitals was already involved in the Volta project. Before its bankruptcy, the Swedish startup had raised €500 million in capital from investors, and had orders for 5,000 e-trucks on its books. The vehicles were to be built in Steyr. For Steyr Automotive owner Siegfried Wolf, the order represented a welcome alternative to the collapsing business in Russia, with which he wanted to bring the former MAN plant in Steyr back into operation. However, Volta’s important supplier, Proterra, went bankrupt, and Volta fell into disarray.

Now the hedge fund is supposed to stabilize again and help implement the ambitious plans, which envisage the sale of not only e-vans, but also complete packages (vehicle plus maintenance, charging infrastructure, insurance) for a monthly fee.

author

Dietmar Mascher

Deputy Editor-in-Chief, Business Editor-in-Chief

Dietmar Mascher

Dietmar Mascher

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