Zero emission electric vehicles and EV technology solutions provider Proterra (NASDAQ:PTRA) is planning to focus its electric bus and battery production at its larger South Carolina facilities. The move will not impact the company’s operations at its Burlingame, CA headquarters.
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The move is expected to improve the company’s production efficiency by boosting capacity utilization at PTRA’s Greenville and Greer sites. The consolidation will help PTRA better mitigate supply chain challenges.
PTRA is exiting from the city of Industry in California by the end of this year and this will impact about 300 jobs.
Meanwhile, the Street has a Moderate Buy consensus rating on the stock alongside an average price target of $7. This points to a 47.68% potential upside in the stock. That’s after a nearly 46% slide in PTRA shares over the past year. At present, short interest in the stock remains elevated at around 7%.
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