Swedish electric lorry developer Volta Trucks seemed unstoppable last year.
The company raised €460 million ($498 million) from investors and invested the amount into its business to help meet orders for around 5,000 lorries.
Riding high on this momentum, Volta was in the midst of raising another €250 million when disaster struck. Its main battery supplier, Proterra, filed for bankruptcy, abruptly halting Volta's efforts to secure new funding and throwing its growth plans into disarray.
“As a result of that, we had to completely restructure, reorganise and pivot the business through an administration process that we went through in October last year,” Essa Al Saleh, the chief executive of Volta Trucks, told The National in an interview.
Following the restructuring, the UK business and assets of Volta Trucks were bought by Luxor Capital, which was already a major shareholder in the company.
Fast-forward to now, and Volta Trucks is sitting on a modest order book of 50 lorries for 2024.
The company's previous orders were cancelled with the termination of the previous entity.
However, the revamped Volta Trucks is re-engaging with its previous clients to supply lorries to them “as soon as possible”, Mr Al Saleh said.
“In some cases, where we received a small deposit against the lorries, we have pledged to prioritise such customers and respect the deposits they have made in the past,” he added.
The company has raised about €40 million since emerging from bankruptcy and is seeking €20 million in additional funds in the “next couple of months”.
Electric lorries currently make up a small segment within the larger EV market, which is experiencing a slight slowdown after years of rapid growth.
Sales of electric lorries rose by 35 per cent in 2023, with total sales exceeding those of electric buses for the first time, reaching about 54,000, according to the International Energy Agency.
China is the leading market for electric lorries, accounting for 70 per cent of global sales last year, down from 85 per cent in 2022, the Paris-based agency said in a report this year.
Meanwhile, in Europe, electric lorry sales increased almost threefold in 2023, reaching more than 10,000.
Mr Al Saleh said that Volta Trucks plans to expand its presence in Europe, while launching its lorries in the Gulf region, where the electric vehicle (EV) industry is getting a boost from government-led economic diversification efforts.
The company has been engaging in talks with potential customers in the GCC, as well as strategic partners who might be interested in distributing and assembling its lorries and financial investors, he added.
“We would likely have a few lorries in this market by the end of this year to test, so that we can upgrade and update the product to meet the GCC’s requirements,” Mr Al Saleh said.
“Assuming things play out as expected, our products should be ready for market by around the third quarter of next year,” he added.
The UAE and Saudi Arabia have been making significant investments in EV infrastructure as part of their efforts to achieve net zero emissions in the next few decades.
In the Emirates, EVs could account for up to 25 per cent of all new passenger cars and light commercial vehicle sales by 2035 amid the country's decarbonisation efforts, a PwC report said in June.
The company’s main product is the Volta Zero, a fully electric lorry with 16-tonne and 18-tonne versions.
Its key customers include food wholesaler Metro and logistics company DB Schenker in Germany, Mr Al Saleh said.
The company's pipeline also includes customers at different stages of their order cycle, with more than 200 potential opportunities that could result in 800 to 1,000 lorry orders in 2025.
Battery issues
Proterra, a company based in California, filed for bankruptcy last year due to “macroeconomic headwinds”, such as inflation and supply chain problems, which rendered its contracts unprofitable.
However, the company is now back supplying batteries to customers after being bought out by Sweden’s Volvo in a $210 million deal earlier this year.
“We recently signed an updated term sheet with [Proterra] towards securing our battery capacity for 2025 and beyond,” Mr Al Saleh said.
Most manufacturers use only one source for batteries for a specific model due to the complexity of integrating and maintaining multiple batteries on a single platform, the Volta Trucks chief said.
“We continue to re-engage our current supply base in order to successfully and quickly restart the production of the Volta Zero, including our battery supply.”
Read more about the coronavirus
MATCH INFO
Uefa Champions League, last 16, first leg
Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
UAE currency: the story behind the money in your pockets
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
Killing of Qassem Suleimani
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
More from Rashmee Roshan Lall
MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
The full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
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