Focus: Struggling Northvolt stokes fear for Europe's battery future
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 13 2024
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Source: Reuters
Northvolt's Operational Cuts: Northvolt has announced significant cuts to its operations, including job losses and halting the production of cathode active material, following order delays and the cancellation of a $2 billion contract with BMW. This shift raises concerns about Europe's ability to compete in the electric vehicle battery market against Asian rivals.
Future Uncertainty: The company's flagship factory in Sweden is far from reaching full capacity, and there are doubts regarding the future of planned gigafactories and other projects. Northvolt's struggles may also delay its planned public listing, highlighting the challenges faced by European battery manufacturers in reducing reliance on imports from China.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
