Northvolt: It was Europe’s hope, but now it’s on the verge of collapse

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Northvolt: It was Europe’s hope, but now it’s on the verge of collapse

By admin, Kasım 18, 2024



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Swedish company founded in 2015 by two former Tesla executives and specializing in lithium-ion battery technology for electric vehicles NorthvoltThings are not going well for . Northvolt, which is seen as Europe’s hope to break China’s dominance in batteries used in electric vehicles, is on the agenda with the difficulties it is experiencing in its production targets. At the company’s battery cells factory in northern Sweden production cuts It turned out that he was experiencing problems and could not meet the weekly production targets.

Northvolt crisis grows

Lithium-ion battery manufacturer Northvolt, which has received approximately 10 billion euros ($10.57 billion) in investment since it started operating in 2016, has been operating weekly since September. Consistently misses production targets. For example, the company had a goal of producing 51,000 deliverable cells per week by the end of 2024, but recent data shows that this target is well behind. It is stated that only 26,000 ready-to-ship cells were produced in the week ending November 10. The documents also show that the company was able to meet targets from time to time, but there was no stability.

Northvolt, on the other hand, argued that the targets were set on September 5 and were “already out of date” and stated that the current targets were based on customer orders. However, one of the company’s main goals this year is to It has been officially confirmed that it will not be able to reach the weekly production target of 100,000 cells.

He was Europe’s only hope




Northvolt: It was Europe's hope, but now it's on the verge of collapse



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In September, Northvolt cut costs by laying off 20 percent of its global workforce. of the company, Filing for bankruptcy protection in the USA Claims that he is considering taking action come to the fore as the crisis deepens. However, Northvolt prefers to refrain from commenting on these allegations.

Northvolt, which experienced delays in deliveries and difficulty in producing sufficient quantities of high-quality batteries, also lost the 2 billion euro ($2.1 billion) contract it received from BMW in June. Following BMW’s order cancellation, Northvolt produced cells primarily for truck manufacturer Scania and luxury automakers Audi and Porsche, brands whose largest shareholder is Volkswagen.

CATL ve BYD has giants like ChineseTo weaken ‘s overwhelming dominance in the electric vehicle batteries market Europe’s best chance In order to survive, Northvolt laid off one-fifth of its global workforce and downsized its operations in September. On the other hand, the company is not yet could not make a profit.




Northvolt: It was Europe's hope, but now it's on the verge of collapse



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According to Statista data, it has more than 65 percent market share in the electric vehicle battery market in China, together with companies such as CATL, BYD CALB, Eve Energy and Sunwoda. CATL alone holds 37 percent of the market.

The brakes are put on production

Battery experts say production levels can fluctuate on a weekly basis. Producing cells is a delicate process, and doing so at scale is considered by experts to be a major challenge for any battery manufacturer. Additionally, industry experts say that despite its problems, Northvolt is ahead of other European battery manufacturers.

According to Reuters’ exclusive report, Northvolt sources said that production in one of the two production buildings at the company’s Skelleftea factory was suspended at the end of October and stated that this would continue until December. It is also underlined that the company has ended its 24/7 production cycle and started producing only on weekdays.






Source

https://www.reuters.com/technology/crisis-hit-ev-battery-champion-northvolt-struggles-hit-production-targets-2024-11-18/


https://www.reuters.com/legal/northvolt-has-considered-us-bankruptcy-protection-sources-say-2024-11-15/



















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