Truckmaker Volvo to buy Proterra’s battery business for $210 million

STOCKHOLM (Reuters) – Swedish truckmaker Volvo said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid.

The auction was part of the electric vehicle part supplier’s ongoing U.S. Chapter 11 bankruptcy protection process.

Volvo said in a statement it aimed to finalise the acquisition, which is pending approval by the bankruptcy court, early next year.

(Reporting by Anna Ringstrom, editing by Terje Solsvik)