Goldman Sachs Faces Massive Loss Following Northvolt Bankruptcy The Electric Vehicle Industry Braces for Impact After Swedish Battery Maker Northvolt Declares BankruptcyGoldman Sachs is poised to take a significant financial hit amounting to nearly $900 million due to the recent bankruptcy filing of Northvolt, the Swedish lithium-ion battery manufacturer. This news has shocked many investors and industry observers, highlighting the volatility within the electric vehicle (EV) sector. This setback for Northvolt is seen as part of a larger pattern of turbulence affecting the EV industry. Nonetheless, for now, Northvolt's bankruptcy serves as a stark reminder of the risks inherent within the rapidly changing electric vehicle sector. The fallout from Northvolt’s bankruptcy creates ripples throughout the entire EV industry which, as it stands, is still grappling with uncertainties.

Source: Wall Street Journal November 24, 2024 22:16 UTC