Electric vehicle company Proterra files for bankruptcy protection amid market challenges

Proterra filed for Chapter 11 bankruptcy protection, citing supply chain issues, slowing demand, and lack of funding.
The company's market value has plunged from $1.6 billion in January 2021 to $362 million.
Proterra will continue normal operations and consolidate production in South Carolina.
As an EV battery and vehicle platform supplier, Proterra's bankruptcy raises concerns across the industry.
President Biden previously hosted and praised Proterra, but its value still dropped during his term.