Posted BY: Bill | NwoReport
Proterra, an electric bus company that gained significant support from President Joe Biden’s administration, has filed for bankruptcy, marking a stunning turn of events for a company once touted as a key player in the nation’s electric vehicle (EV) revolution. The California-based EV manufacturer had received substantial investments from various sources, including venture capital, to develop electric buses for the North American market. The company’s downfall raises questions about potential conflicts of interest within the Biden administration. Biden’s Energy Secretary, Jennifer Granholm, previously served on Proterra’s board and held substantial stock holdings in the company. Despite her ties to Proterra, Granholm actively promoted the company and facilitated grants to entities connected to Proterra, raising concerns about preferential treatment and the potential influence of her stock holdings. Proterra’s bankruptcy underscores broader challenges in the EV industry, with the company citing market and macroeconomic pressures that hindered its expansion and growth. Despite being heavily promoted by the administration, Proterra faced significant operational issues, including reports of performance problems and safety concerns related to its electric buses.
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This situation draws parallels to the Solyndra debacle during the Obama administration, where a government-supported alternative energy company went bankrupt after receiving substantial financial backing. The comparison highlights the risks associated with government-backed ventures and the potential for conflicts of interest to undermine transparency and fair competition.In conclusion, Proterra’s bankruptcy is a significant setback for the EV industry and raises concerns about the ethical conduct and conflicts of interest within the Biden administration. The collapse of a company that was once hailed as a symbol of America’s EV future serves as a cautionary tale about the challenges of government intervention in the private sector and the need for stringent oversight to ensure transparency and accountability in such endeavors.
