PTRA - Why Proterra Stock Is Sinking This Week
Proterra 's (NASDAQ: PTRA) mission is to advance electric vehicle (EV) technology in the commercial sector. The company builds electric buses, and also provides battery technology, drive trains, and charging solutions for heavy-duty commercial vehicles.
Now, a long-delayed EV from the best-known manufacturer in the space is going into production, and Proterra is about to face major competition in its fastest-growing business segment. Worries about what that will mean for the company helped drag Proterra stock down by about 9% this week as of early Friday, according to data provided by S&P Global Market Intelligence .
In the second-quarter report it delivered in August, Proterra announced that revenue from its powered and energy products segment -- which includes battery technology and charging solutions -- soared by 122% year over year to $24 million. While that only represented about one-third of its total revenue for the period, that segment was the fastest-growing portion of the business. Total revenue grew 27% year over year.
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Why Proterra Stock Is Sinking This Week