{"id":16973,"date":"2024-11-21T17:07:29","date_gmt":"2024-11-21T18:07:29","guid":{"rendered":"http:\/\/medexperts.pro\/?p=16973"},"modified":"2024-11-21T18:23:11","modified_gmt":"2024-11-21T18:23:11","slug":"northvolt-europes-hope-for-a-battery-champion-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=16973","title":{"rendered":"Northvolt, Europe\u2019s Hope for a Battery Champion, Files for Bankruptcy"},"content":{"rendered":"
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The company\u2019s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.<\/p>\n

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The Swedish battery maker Northvolt, once seen as Europe\u2019s strongest competitor to Chinese battery manufacturers, on Thursday filed for bankruptcy protection<\/a> in the United States.<\/p>\n

The company has been struggling financially<\/a> for months, cutting jobs and restructuring operations. Founded in 2016 by a former Tesla executive, Northvolt said filing for Chapter 11 bankruptcy would allow it to \u201crestructure its debt, appropriately scale the business to current customer needs and secure a sustainable foundation for continued operation.\u201d<\/p>\n

The company has faced a series of challenges this year. They began with accidents at a plant in Sweden and the loss of a contract with BMW worth two billion euros<\/a>, or $2.15 billion, in June. In September, Northvolt announced plans to pause production of cathode materials \u2014 one of the basic building blocks of a battery \u2014 at a factory in Skelleftea, Sweden.<\/p>\n

Two planned factories in Germany and Canada<\/a> are financed separately and will continue to operate outside of the bankruptcy process, the company said. Northvolt\u2019s factories in Sweden would remain open and continue to make deliveries and pay vendors and employees, the company added. It expects to emerge from bankruptcy protection in the first quarter of next year.<\/p>\n<\/div>\n<\/div>\n

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\u201cDespite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification,\u201d Tom Johnstone, the company\u2019s interim chairman, said in a statement.<\/p>\n

The company reported a $1.2 billion loss in 2023, widening from a $285 million loss in the previous year.<\/p>\n

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The company\u2019s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.The Swedish battery maker Northvolt, once seen as Europe\u2019s strongest competitor to Chinese battery manufacturers, on Thursday filed for bankruptcy protection in the United States.The company has been struggling financially for months, cutting jobs and restructuring operations. Founded in 2016 by a former Tesla executive, Northvolt said filing for Chapter 11 bankruptcy would allow it to \u201crestructure its debt, appropriately scale the business to current customer needs and secure a sustainable foundation for continued operation.\u201dThe company has faced a series of challenges this year. They began with accidents at a plant in Sweden and the loss of a contract with BMW worth two billion euros, or $2.15 billion, in June. In September, Northvolt announced plans to pause production of cathode materials \u2014 one of the basic building blocks of a battery \u2014 at a factory in Skelleftea, Sweden.Two planned factories in Germany and Canada are financed separately and will continue to operate outside of the bankruptcy process, the company said. Northvolt\u2019s factories in Sweden would remain open and continue to make deliveries and pay vendors and employees, the company added. It expects to emerge from bankruptcy protection in the first quarter of next year.\u201cDespite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification,\u201d Tom Johnstone, the company\u2019s interim chairman, said in a statement.The company reported a $1.2 billion loss in 2023, widening from a $285 million loss in the previous year.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":16975,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-16973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16973"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16973\/revisions"}],"predecessor-version":[{"id":16976,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/16973\/revisions\/16976"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/16975"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}