Volta Trucks, a Sweden-based developer of fully electric trucks, was acquired by Volta Commercial Vehicles, a subsidiary of New York-based hedge fund Luxor Capital Group. Luxor Capital Group was a former investor of Volta Trucks.

Volta Commercial Vehicles will take over Volta's intellectual property and continue its operations. However, 600 of Volta’s employees were laid off at the time of the company’s declaration of bankruptcy . Volta Commercial Vehicles will employ the staff retained with Volta Trucks after the layoffs. 

Analyst QuickTake: Volta declared bankruptcy in October 2023 due to challenges faced by the company as a result of the bankruptcy of its battery supplier, Proterra , and difficulties in raising capital.