On March 12, 2025, Sweden’s Northvolt, once heralded as Europe’s battery champion for electric vehicles (EVs), declared bankruptcy. This collapse has sent shockwaves through the European automotive sector, especially the already struggling electric car market, which faces fierce competition from American and Asian giants.
Northvolt’s Ambitious Journey Turns into a Fiasco
Northvolt, founded in 2016, had an ambitious vision. The company aimed to produce large-scale batteries for European car manufacturers, reducing the continent’s reliance on Asian and American battery makers. With high-profile financial backers like Volkswagen, BMW, and Goldman Sachs, the company seemed poised for success.
However, despite…
