According to Reuters, Northvolt’s financial problems are a blow to European hopes that the company will help reduce Western automakers’ dependence on Chinese battery suppliers such as CATL.
The largest shareholder of Northvolt is the German car manufacturer Volkswagen. She said on Thursday that she is in close contact with the Swedish company. Volkswagen, which also includes Škoda Auto, owns around 21 percent in Northvolt. Northvolt’s significant shareholders include German luxury car manufacturer BMW and American investment bank Goldman Sachs.
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Northvolt’s debt is about 5.8 billion dollars (about 140 billion CZK). The company now has about $30 million in cash, which is just enough for about a week of operations, Reuters wrote.
Northvolt said it received additional funding as part of its bankruptcy filing. She said she expects to complete the restructuring in the first quarter of next year.
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2024-11-21 21:43:00
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