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
•Business
Business & Economics
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.
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