Biden Said EV Maker Proterra Was 'Getting Us in the Game.' It Just Declared Bankruptcy.

President Joe Biden promoted the company. Its top executive landed a spot on a White House board. And Energy Secretary Jennifer Granholm held hundreds of thousands of shares in it.

But that wasn't enough to save Proterra—the electric vehicle maker whose buses routinely failed to stay on the road—from declaring bankruptcy. Proterra cited "various market and macroeconomic headwinds" in a Chapter 11 filing on Monday, which came after the California-based firm cut hundreds of jobs earlier this year and restructured hundreds of millions of dollars in outstanding debt.