Northvolt Files For Bankruptcy as Europe's Battery Champion Loses Spark
(Monday November 25, 2024 @11:41AM (msmash)
from the out-of-power dept.)
- Reference: 0175539799
- News link: https://hardware.slashdot.org/story/24/11/25/1545205/northvolt-files-for-bankruptcy-as-europes-battery-champion-loses-spark
- Source link:
Swedish battery maker Northvolt has [1]filed for Chapter 11 bankruptcy in the U.S. and announced CEO Peter Carlsson's departure following a year marked by production delays and workforce reductions.
The company, once viewed as Europe's challenger to Chinese battery dominance, reported $1.2 billion in losses against $128 million revenue for 2023. Despite securing $15 billion in funding and $50 billion in orders by late 2023, with major stakeholders including Volkswagen (21%) and Goldman Sachs (19%), Northvolt faced mounting challenges. BMW canceled a $2 billion contract in June, prompting job cuts and project suspensions.
[1] https://www.reuters.com/technology/northvolt-crisis-may-be-make-or-break-europes-ev-battery-ambitions-2024-11-22/
The company, once viewed as Europe's challenger to Chinese battery dominance, reported $1.2 billion in losses against $128 million revenue for 2023. Despite securing $15 billion in funding and $50 billion in orders by late 2023, with major stakeholders including Volkswagen (21%) and Goldman Sachs (19%), Northvolt faced mounting challenges. BMW canceled a $2 billion contract in June, prompting job cuts and project suspensions.
[1] https://www.reuters.com/technology/northvolt-crisis-may-be-make-or-break-europes-ev-battery-ambitions-2024-11-22/
So much for "we can do that ourselves" (Score:2)
Looks like the actual cells for all moden battery technologies will continue to come from China.