https://www.msn.com/en-au/money/news/europe-s-battery-sector-is-i...

https://www.msn.com/en-au/money/news/europe-s-battery-sector-is-in-trouble/ar-AA1qTYMY?ocid=hpmsn&cvid=736e33330e064916ff9419ae4ed39764&ei=61

Northvolt was presented as the ultimate European batteries in the face of China. Splash! The Swedish company is facing major financial difficulties. Jobs will be lost.

Sweden does not intend to come to Northvolt's rescue. Prime Minister, Ulf Kristersson, has officially declared this. However, this company is one of the essential pawns in dissociating itself from China in the supply of batteries for electric cars. Proof of its ambitions, its shareholders include Volkswagen (21% of the shares), Goldman Sachs (19%) and Vargas Holding (7%). However, the financial situation is bad. So much so that the creditors have asked for help from a bank specializing in restructuring.

New strategy

Following these difficulties, some of Northvolt's 6,500 employees could be laid off. Especially since BMW has canceled a $2 billion order. Northvolt should also review its strategy and limit itself to the manufacturing of cells. In addition, the gigafactories project in Germany, Canada and Sweden will probably be reviewed or even abandoned. In any case, this is a major blow to battery production in Europe, with Northvolt having the status of leader compared to its European competitors, Morrow and Freyr.