Struggling Northvolt stokes fear for Europe’s battery future
Northvolt’s shock decision this week to shrink its operations and cut jobs has sparked fears that Europe’s best shot at a home-grown electric vehicle battery champion may stall, sector experts and people familiar with the situation told Reuters.
Struggling with order delays and the loss of a $2 billion BMW contract in June, CEO and ex-Tesla executive Peter Carlsson said on Monday the company he co-founded in 2016 would stop producing cathode active material (CAM) – a crucial battery component – scrap plans for a Swedish facility and seek investors for a plant in Poland.
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Struggling Northvolt stokes fear for Europe’s battery future, source
