Porsche And BMW Supplier Northvolt Files For Bankruptcy

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Northvolt, a Swedish battery company owned in part by Volkswagen and Goldman Sachs has filed for bankruptcy in its own country. The news was broken by Reuters and could have serious ramifications for several automakers. Northvolt was Europe's best hope of breaking China's hold over EV batteries and customers let down include the Volkswagen Group as a whole, particularly the brands Porsche and Sweden's own heavy truck company, SCANIA. BMW was let down last year when Northvolt couldn't fulfill a $20,000,000 order, and the Porsche 718 Boxster project has been impacted by delays too. This is the deathblow for the battery maker, established in 2016, following its American interest in filing for bankruptcy in November last year.