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Proterra Plans Exit From City Of Industry Plant, California; Reveals 300 Job Cuts

Benzinga Real-time News ·  Jan 20, 2023 21:51
  • Proterra Inc (NASDAQ:PTRA) plans to integrate electric bus and battery manufacturing at its larger South Carolina production facilities.
  • The move comes following an exit from the company's City of Industry, California, plant by the end of 2023.
  • The exit, along with additional workforce reductions it plans to implement, will impact approximately 300 roles in 2023.
  • The company's decision to consolidate electric bus and battery production in South Carolina does not affect Proterra's operations at its corporate headquarters in Burlingame, California.
  • The company expects the transition to improve its overall production efficiency by increasing the utilization of its available capacity at sites in Greenville and Greer, South Carolina.
  • The consolidation will also facilitate better management of ongoing supply chain disruptions and decrease costs.
  • "With rising adoption of zero-emission transportation, we remain focused on operating with financial discipline towards sustainable growth," said CEO Gareth Joyce.
  • Price Action: PTRA shares closed lower by 6.51% at $4.74 on Thursday.
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