Hedge fund looks to acquire Volta Trucks from bankruptcy, potentially saving tons of jobs
Just over a month after Volta Trucks announced it was filing for bankruptcy, shareholder and lender Luxor Capital Group looks to breathe new life into the commercial EV startup, potentially salvaging hundreds on jobs in the UK.
Volta Trucks is a London-based commercial EV startup that operated for nearly four years with hopes of reaching deliveries of its flagship commercial truck, the Volta Zero. We’ve followed the company closely for much of that journey, from a mere vehicle design sketch in 2019 to a prototype launch less than a year later.
We saw several rounds of funding bolstered by a number of (soft) pre-orders for its expanding lineup of Zero Trucks, as well as comprehensive plans to expand into the US. Even as we kicked off 2023, Volta appeared poised to hit the European market (albeit a year late), following more purchase commitments and necessary certification in place to begin official sales.
As recently as April, Volta was beginning series production in Austria ahead of deliveries in Q3. That’s why it came as a bit of surprise that Volta announced it was filing for bankruptcy this past October, citing tight capital markets.
The company’s battery supplier Proterra had submitted its own bankruptcy filing in August, so that certainly didn’t help things. Volta shared the following insight at the time:
The recent news that our battery supplier [Proterra] has filed for Chapter 11 Bankruptcy, has had a significant impact on our manufacturing plans, reducing the volume of vehicles that we had forecast to produce. The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players.
It appeared at the time, that Volta was out of runway on its path to profitability. I’ve said it once and I’ll say it again, “it’s hard out here for startups.” While the door on Volta Trucks is being pushed shut by the grim reaper of bankruptcy, one the startup’s shareholders is sticking its foot in the jamb, saying, “not so fast.”
Volta Trucks could soon be resurrected from bankruptcy
According to a report from Sky News, Luxor Capital Group – a shareholder in Volta Trucks and one of its largest lenders – is finalizing a deal to purchase the startup from bankruptcy and keep the operation going.
If completed, Luxor could save hundreds of jobs in the UK, where the startup mostly operates from. Before the bankruptcy filing, Volta employed around 600 people in the UK and another 250 across other footprints like its Swedish headquarters and offices in Paris.
Industry sources relayed that Luxor has emerged as the likeliest buyer of the startup and a substantial portion of those 600 UK jobs could remain. No word on the Volta employees in other regions.
Per one executive in the sector, an agreement is in the works and could be completed this week, but relayed that the timetable could certainly slip as things are finalized. Alvarez & Marsal, which has been handling Volta Trucks’ administration following the bankruptcy filing, refused to comment.
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Tesla is going to build a new Megafactory in Texas near Houston, according to a tax abatement agreement with Waller County.
At the time of writing, Tesla had yet to comment on the new project, but the Waller County Commissioners Court confirmed the project on Wednesday when they approved a tax abatement deal with the company:
Under the proposed agreement, Tesla will receive tax abatements from Waller County based on property improvements. The deal includes $44 million in facility improvements and $150 million in Tesla manufacturing equipment that Tesla will install. The next phase involves a new $31 million distribution facility with about $2 million in Tesla distribution equipment and building upgrades.
Tesla is going to take over a 1-million-sq-ft building that it already held the lease on at the Empire West industrial park near Katy, Texas – just outside of Houston.
Logistics company DB Schenker occupied the space where it handled parts for Tesla, but it will move out and Tesla plans to build Megapack production lines at the site:
Tesla will operate a new Megapack battery storage manufacturing facility at a 1 million-square-foot building, which was initially constructed with no tenant on speculation that it would attract jobs and economic development.
Tesla has previously referred to plants producing Megapacks as “Megafactory”. The company already operates one in Lathrop, California, and one in Shanghai, China, where it just started production.
Those factories are set up for a production capacity of 40 GWh worth of Megapacks per year.
It’s not clear if Tesla plans for a similar capacity at this new factory, but the county announced project should result in creating 1,500 jobs.
In addition to the existing building, the project will include the construction of an additional “600,000-square-foot distribution facility with some manufacturing capabilities.”
Unlike its automotive business, Tesla’s energy business has been growing at an impressive pace – although prices and margins have come down last year.
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![Is Genesis taking notes from Porsche? New GV60 Magma caught with the Taycan [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Genesis-GV60-Magma-Porsche-2.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Genesis is gearing up to unleash its alter ego with its upcoming Magma lineup, its debut into the world of high-performance luxury vehicles. First up is the Genesis GV60 Magma, due out later this year. As testing wraps up, the GV60 Magma was spotted alongside none other than the Porsche Taycan.
The first dedicated Genesis EV model, the GV60, will kick off another new chapter for the Korean luxury automaker.
Genesis unveiled the GV60 Magma last March, claiming it will kick off “the brand’s expansion into the realm of high-performance vehicles.” The performance EV includes an improved battery, chassis, and motor for added performance.
The Magma model boasts a wider, lower stance for more control. Other key upgrades include a wider front air intake to help cool the batteries, motor, and brakes. It also includes air curtains to maximize efficiency and an added roof fin channels air to the rear wing, generating downward force.
Genesis upgraded the interior to match the GV60 Magma’s luxurious, sporty design. It includes unique sports car-like bucket seats with exclusive “double-diamond stitching” in the Magma orange and titanium coloring.
Genesis GV60 Magma spotted with the Porsche Taycan
With its official debut coming up, the sporty Genesis GV60 Magma was spotted testing alongside a Porsche Taycan and Hyundai’s IONIQ 5 and IONIQ 6 N models.
Despite the camouflage, the video from CarSpyMedia reveals a few new design elements, like the two-line headlight featured on the updated GV60 model.
Genesis will launch the GV60 Magma later this year in its home market, followed by the US, Europe, and others. Production is scheduled to start in the third quarter of 2025.
Will the Genesis GV60 Magma keep up with the Porsche Taycan or Tesla Model S Plaid? Priced and specs will be revealed closer to launch, but it will sit above the Performance AWD trim, which starts at $69,900 in the US. With up to 429 horsepower and 516 lb-ft of torque, it can hit 0 to 60 mph in 3.7 seconds.
| Horsepower | 0 to 60 mph (seconds) |
Starting Price | |
| Genesis GV60 Performance | 429 | 3.7 | $69,900 |
| Genesis GV60 Magma | ? | ? | ? |
| Porsche Taycan | 402 | 4.5 | $99,400 |
| Porsche Taycan Turbo GT (with Weissach Package) |
1,092 | 2.1 | $230,000 |
| Tesla Model S Plaid | 1,020 | 1.99 | $89,990 |
In comparison, the Porsche Taycan starts at $99,400 with up to 402 hp and a 0 to 60 mph time in 4.5 seconds. The Taycan Turbo GT, equipped with its Weissach package, packs 1,092 hp for a 0 to 60 mph sprint in just 2.1 seconds, but it costs $230,000.
Tesla’s Model S Plaid starts at $79,990 and can accelerate from 0 to 60 mph in 3.1 seconds with 1,020 horsepower. Which performance EV are you choosing?
Source: CarSpyMedia
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