PTRA - Proterra cuts staff consolidates bus and battery production

Proterra Inc ( NASDAQ: PTRA ) announced plans to reduce its headcount as part of a restructuring of manufacturing operations on Wednesday evening.

The California-based commercial EV manufacturer said that it will concentrate electric bus and battery manufacturing in South Carolina and shutter its plant in Southern California by the close of the year. The move is slated to mitigate supply chain disruptions and reduce costs. Proterra ( PTRA ) said that 300 roles will be eliminated as a result of the closure of the City of Industry plant.

“With rising adoption of zero-emission transportation, we remain focused on operating with financial discipline towards sustainable growth,” CEO Gareth Joyce said. “While we have appreciated being a part of the Los Angeles business community and value the hard work and dedication of our teammates, streamlining our manufacturing operations will allow us to improve our production efficiency over the course of the next year as we work to deliver on our mission.”

A company statement clarified that the company’s Burlingame, California headquarters will not be impacted by the move.

Read more on why Seeking Alpha’s Quant Team rates the stock a Sell .

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