All articles tagged with #supply chain constraints
Electric-vehicle parts supplier Proterra has filed for Chapter 11 bankruptcy protection, citing supply chain constraints, slowing demand, and a funding drought. The company's shares nearly halved in value, and it listed its assets and liabilities in the range of $500 million to $1 billion. Proterra, which makes electric buses and battery packs, plans to continue operating and will use existing capital to fund operations.
United Airlines will miss its target of retrofitting its entire fleet with new, modernized cabins by 2025 due to ongoing supply chain constraints, according to airline executives. The retrofit program, which was initially expected to be completed by 2025, will now take an additional year or two. Despite the delay, customers will see "material progress" over the coming years as an increasing share of the fleet gets converted to the new interior. United posted a net loss of $194 million for the quarter, with a slight dip in business travel demand alongside larger macroeconomic turbulence.