Northvolt's Global Financial Troubles
This is a Northvolt news story, published by BBC, that relates primarily to Skellefteå news.
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NorthvoltBBC
•Sweden's green industry hopes hit by Northvolt woes
82% Informative
Swedish start-up Northvolt opened its flagship production plant here in 2022 .
It signed multi-billion euro contracts with carmakers including BMV , Volkswagen and Scania .
But it ran into major financial troubles last year , reporting debts of $ 5.8bn (4.6bn) in November .
Since September it's laid off around a quarter of its global workforce including more than 1,000 staff in Skellefteå .
Just 3% of global battery cell production currently takes place in Europe - with Asian firms leading the market.
The Swedish government refused to bail out Northvolt , suggesting all startups sustainable or not should be subject to market forces.
The right-wing coalition, which came into power in 2022 has cut taxes on petrol and diesel, and abolished subsidies for EVs.
VR Score
83
Informative language
81
Neutral language
56
Article tone
semi-formal
Language
English
Language complexity
58
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Hate speech
not hateful
Attention-grabbing headline
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Known propaganda techniques
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Time-value
short-lived
External references
12
Source diversity
6
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