Biden’s Celebrated Taxpayer-Funded EV Company Goes Bankrupt

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The government doesn’t grow the economy or anything and shouldn’t pick winners and losers. They’re bad at it.

Proterra, the electric bus company that Biden continually celebrated, is a case in point. They filed for bankruptcy on Monday, blaming various market “headwinds” for its financial struggles.

The California-based company filed a voluntary Chapter 11 reorganization under the U.S. Bankruptcy Code in the District of Delaware to “strengthen its financial position.”

Proterra said it would continue to operate its business as normal. They will continue to pay employee salaries and benefits and compensate vendors and suppliers during the process, Fox News reports.

The firm assembles electric buses from its South Carolina facility, where Biden received a virtual tour in 2021.

In February, Biden also announced CEO Joyce’s appointment to the White House’s Export Council, which advises on matters of overseas trade.

The Biden administration celebrated Joyce’s appointment and hailed the CEO for “growing Proterra’s EV battery manufacturing footprint in the United States and accelerating the transition of transit and other commercial vehicles to zero-emission solutions,” Just the News reports.

Great. Biden picked a real winner.

 


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