Biden-backed electric vehicle company files for bankruptcy

[excalibur]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.


Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”


The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.


In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.


He has promoted Proterra several times since taking office, and once virtually toured a facility.

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images


“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

 

[odanny]

Free market, all that. Can't win 'em all.

Keep up the AMAZING job Mr. President!

 

[The Duke]

It's the same BS Obama pulled. Really just a giveaway of taxpayer funds to their donors/buddies.

 

[The Duke]

Free market, all that. Can't win 'em all.

Keep up the AMAZING job Mr. President!

Now do how much that CEO donated politically and to whom.

 

[JGalt]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

​

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.​

​

​

Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”​

​

​

The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.​

​

​

In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.​

​

​

He has promoted Proterra several times since taking office, and once virtually toured a facility.​

​

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images​

​

​

“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”​

​

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.​

​

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.​

​

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

Gee, it was only two years ago when the Democrats were singing praises for Proterra.


Matthew Foldi August 13, 2021

"Electric bus manufacturer Proterra showcased the billions of dollars the infrastructure bill sends to its industry to shareholders during its first earnings call as a publicly traded company.

The politically connected battery company, which as recently as this May counted Energy Secretary Jennifer Granholm as one of its largest investors, told shareholders on Wednesday that it plans to "ride the wave" of government spending in the electric vehicle sector. The company pointed to up to $5 billion set aside in the bill for new electric school buses, and an additional $4 billion for the Low or No Emission Vehicle Program, which funds the purchase of electric transit vehicles for local governments, which Proterra has benefited from for years.

"There’s a lot in there that’s positive for electrifying the United States," company executives told shareholders on the Wednesday earnings call. In a company report provided to investors, Proterra boasted that it has positioned itself to "play a central role in the electrification" of commercial vehicles across the country.

"The tailwinds to the North American electric transit bus market have never been stronger," the company report states. "With zero emission transit bus funding increasing by over 300 percent over 2021 funding levels, we expect the Act, if passed by Congress and signed into law, to help drive significant acceleration in the electrification of the more than 65,000 buses in the North American transit bus fleet."

Proterra’s first earnings call since becoming a publicly traded company in June fortuitously came just days after the infrastructure bill was approved by the Senate. The Biden administration has signaled for months that Proterra would benefit from the spending proposal, but the details weren’t revealed until this week.

The company has received praise from the highest echelons of the Biden administration, and that continued on Wednesday. Just hours before Proterra’s earnings call, it scored a valuable shoutout from its most prominent supporter—President Joe Biden, who called the company’s work "phenomenal" while promoting the infrastructure package."

Proterra Prepares to Cash In on Democrat Spending Blitz

 

[White 6]

Another fed picked company goes belly up.

How many solar panel companies picked by Obama for fed funding went belly up?

Yeah, and taxpayers footing the bills.

And Jennifer Granholm made a bundle.

​

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.​

​

​

Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.”​

​

​

The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.​

​

​

In 2021, the president pledged more than $10 billion from his $1.9 trillion bipartisan infrastructure plan toward zero-emission transit and school bus programs.​

​

​

He has promoted Proterra several times since taking office, and once virtually toured a facility.​

​

President Biden frequently touted an electric vehicle company — which his Energy Secretary heavily invested in — before it declared bankruptcy on Monday.AP

Energy Secretary Jennifer Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so.Getty Images​

​

​

“Right now we’re running way behind China, but you guys are getting us in the game,” Biden said in April 2021. “We’re going to end up owning the future, I think, if we keep doing what we’re doing.”​

​

At the time of the tour, Energy Secretary Jennifer Granholm held between $1 million and $5 million in stock of the electric vehicle company, The Washington Free Beacon reported, prompting ethics concerns and calls for her divestment.​

​

Granholm raked in $1.6 million in profit after selling hundreds of thousands of shares in May 2021, months after she had first pledged to do so. She served on Proterra’s board from February 2017 until just before her Senate confirmation hearing in January 2021.​

​

...​

Biden-backed electric vehicle company files for bankruptcy

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday.

nypost.com

Looks like the Republicans that said she should divest herself of shares in that company, three months after her appointment, influencing her to sell for a $1.6 million profit, made her a lot of money.

 

[Failzero]

Democommie failures ( Like Obama era Mishegoss )

 

[EMH]

Free market

a FREE MARKET would EXCLUDE SUBSIDIES.

The electric vehicle market is a disaster. There are only so many mindless science invalid morons willing to pay up for an inferior car.

Just add this to the total cost of the Co2 fraud, $20 trillion and rising...

 

[Mikeoxenormous]

It's the same BS Obama pulled. Really just a giveaway of taxpayer funds to their donors/buddies.

Oh and i am sure there are hidden kick backs to all those who pushed those funds to those crappy EV's

 

[Mikeoxenormous]

Looks like the Republicans that said she should divest herself of shares in that company, three months after her appointment, influencing her to sell for a $1.6 million profit, made her a lot of money.

Martha Stewart went to jail for shit like this, i guess Marxists elites are above the law.

 

[White 6]

Martha Stewart went to jail for shit like this, i guess Marxists elites are above the law.

She was appointed in late February and divested herself as recommended in May, the same year. Now, I bet she is damned glad she took your recommendation, that she divest herself, rather than regulate with a conflict of interest.

 

[EMH]

She was appointed in late February and divested herself as recommended in May, the same year. Now, I bet she is damned glad she took your recommendation, that she divest herself, rather than regulate with a conflict of interest.

Ford just got a $9 billion taxpayer funded loan for more electric cars. Clearly, if this one is going bankrupt, that loan to Ford should be halted and the new production facility should be POSTPONED....

 

[JGalt]

Ford just got a $9 billion taxpayer funded loan for more electric cars. Clearly, if this one is going bankrupt, that loan to Ford should be halted and the new production facility should be POSTPONED....

I can hear it already: "Ford is too big to fail. We must bail them out!"

 

[White 6]

Ford just got a $9 billion taxpayer funded loan for more electric cars. Clearly, if this one is going bankrupt, that loan to Ford should be halted and the new production facility should be POSTPONED....

Why? Does Ford the only car company to not accept loans from the Government after the 2008-2009 crash have a bad record of paying their bills? I'd rather have a check from them, than a check from you, anyday.

 

[EMH]

I can hear it already: "Ford is too big to fail. We must bail them out!"

Good thing McCarthy was tough on those budget negotiations - cough cough. All Traitor Joe has to do is say "emergency" and McCarthy OKs the spending...

 

[jknowgood]

Free market, all that. Can't win 'em all.

Keep up the AMAZING job Mr. President!

You're an idiot, you do know the policies you support are failing. Big time?

 

[White 6]

Ford just got a $9 billion taxpayer funded loan for more electric cars. Clearly, if this one is going bankrupt, that loan to Ford should be halted and the new production facility should be POSTPONED....

Why? Does Ford the only car company to not accept loans from the Government after the 2008-2009 crash have a bad record of paying their bills? I'd rather have a check from them, than a check from you, any day.

 

[EMH]

Why? Does Ford the only car company to not accept loans from the Government after the 2008-2009 crash have a bad record of paying their bills? I'd rather have a check from them, than a check from you, anyday.

In a MARKET, when a company in that market goes BANKRUPT, usually you PAUSE before ADDING MORE CAPACITY.....

Used car dealers in Nashville are PACKED with used EVs. They suck. People hate them....

Only really fucked in the head science invalid parroting morons have them...

 

[jknowgood]

Why? Does Ford the only car company to not accept loans from the Government after the 2008-2009 crash have a bad record of paying their bills? I'd rather have a check from them, than a check from you, anyday.

They are collapsing, thanks to the green agenda.

 

[White 6]

In a MARKET, when a company in that market goes BANKRUPT, usually you PAUSE before ADDING MORE CAPACITY.....

Used car dealers in Nashville are PACKED with used EVs. They suck. People hate them....

Only really fucked in the head science invalid parroting morons have them...

While I certainly don't want one and live 125 mile west of you, I trust Ford to know what they are doing. I have a Ford in the driveway, right now. It is excellent. My daughter has the last Ford, I bought new. It's a beast. Their credit rating is probably better than some states.