Northvolt AB, once seen as the future of Europe's electric car revolution, has filed for bankruptcy. This marks a dramatic turn for a company that was supposed to lead the way in green technology. But instead of success, it’s now become a symbol of Europe’s struggles in the electric vehicle (EV) race.
How It All Started to Go Wrong
Northvolt, a Swedish startup, seemed unstoppable at first. With promises of cutting-edge batteries and big plans for expansion, it attracted huge investments, including $10 billion from major players like BMW, Volkswagen, and Goldman Sachs. The company even talked about going public, with hopes of being valued at $20 billion. But everything started to unravel in June when BMW canceled a massive, multi-billion-dollar order. This was the first sign that trouble was brewing, but few saw it coming.
The cancellation triggered a chain reaction. Northvolt struggled to secure more funding, and as Europe’s car industry faced a crisis, sales of EVs s...
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