China's EV battery titan is coming for Europe

China's EV battery titan is coming for Europe

CATL's Shenxing PLUS battery on display at an expo in Beijing.Chen Zhonghao/Xinhua/Getty ImagesNorthvolt filed for bankruptcy last month after burning through $15 billion.The Swedish EV battery maker was considered Europe's best hope for a homegrown battery manufacturer.Europe's battery industry is likely to be dominated by Chinese companies, with CATL eyeing expansion.Europe's best hope for an EV battery manufacturer reached the end of the road…

The battery manufacturer from Sweden keeps the operation running with a highly reduced workforce.

Half of the company will be transferred from Northvolt in Skellefteå. A total of 1,700 of the company's employees will remain in order to maintain the production of battery cells in Sweden. The bankruptcy trustee is working intensively to find a new buyer.

Around 1,700 people will remain working in the bankrupt Northvolt companies in Sweden, according to bankruptcy administrator Mikael Kubu. Skellefteå wants the government to support the municipality after the announcement.

Northvolt Reaches Agreement to Maintain Scaled-Down Operations Amid Bankruptcy

Northvolt’s bankruptcy trustee announced on Monday that the electric vehicle (EV) battery manufacturer had reached an agreement in principle with key stakeholders to secure financial guarantees, allowing the company to continue operating on a reduced scale. The Sweden-based battery firm, once considered Europe’s leading contender against China in EV battery production, filed for bankruptcy on [...] The post Northvolt Reaches Agreement to Maintai…

Northvolt slashes workforce in half under bankruptcy procedure

Under its bankruptcy filing, Swedish battery manufacturer Northvolt announced that it will lay off over half its 5,000 employees. The company, founded in 2016, has succumbed to mounting debt and what insiders now admit were strategic miscalculations. Once hailed as Europe’s answer to Asian dominance in EV battery production, Northvolt officially filed for bankruptcy on March 12th, following an earlier Chapter 11 filing in the US aimed at debt re…