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

Proterra Inc 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.