Northvolt, once Europe’s flagship battery producer, has filed for bankruptcy protection, leaving the continent further behind China in the global race for electric vehicle (EV) dominance.
Despite USD$50b in future orders and producing approximately 60,000 batteries weekly, the
Swedish-based company has nearly USD$6b in debt.
Critics blame the collapse on waning EV demand, mismanagement, and over-reliance on Chinese technology, as well as Europe’s failure to support its fledgling battery industry effectively.
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