Mexican Media Brands
BMW Invests in Proterra Mass-Transit Supplier
BMW AG says its i Ventures unit has made an unspecified investment in Proterra Inc., a California-based builder of heavy-duty electric mass transit buses.
#economics
Share
BMW AG says its i Ventures unit has made an unspecified investment in Proterra Inc., a California-based builder of heavy-duty electric mass transit buses.
The investment is part of a $55 million, sixth round of fundraising by the 13-year-old company that was led by Generation Investment Management LLP.
Proterra has sold more than 400 vehicles to 39 cities and transit operations. The company claims 60% of the North American market for large electric buses. Last month Proterra announced it will test a self-driving electric bus on the campus of the University of Nevada in Reno.
The company plans to use the new funds to support product development, hike output at its factory in South Carolina and launch production at a new facility in Los Angeles.
BMW’s iVentures is a venture capital unit set up in 2011 to provide equity financing to startups and high-growth-potential companies in global mobility.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.