PTRA - Proterra to cut 300 jobs as it consolidates manufacturing plants

Proterra ( NASDAQ: PTRA ) announced late on Friday that it plans to concentrate electric bus and battery manufacturing at its larger South Carolina production facilities following an exit from the City of Industry, California plant by the end of 2023.

The company said the transition is intended to improve Proterra’s ( PTRA ) overall production efficiency by increasing the utilization of its available capacity at the company’s largest manufacturing sites in Greenville and Greer, South Carolina. Other benefits expected from the consolidation move include improvement with ongoing supply chain disruptions and decreased facilities costs.

The exit from Proterra’s City of Industry facility along with additional workforce reductions that the company plans to implement will impact approximately 300 roles this year.

Shares of Proterra ( PTRA ) closed the Friday session with a 4.64% gain.

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