(Bloomberg) -- For Northvolt AB, the Swedish startup that became a poster child for Europe’s electric-driving future, the route to collapse started in June when BMW AG canceled a multi-billion order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate in a Chapter 11 filing less than six months later. Even then, there was a chance for Northvolt to continue with plans for new battery plants in Germany, Sweden and Canada. Against the backdrop of potentially tens of thousands of layoffs at VW, Northvolt funding was off the table, and in August, VW withdrew from the equity plan, the person said. Northvolt’s debts include a $330 million convertible loan from Volkswagen that’s due in December 2025, according to the bankruptcy court filing.

Source: Mint November 24, 2024 20:48 UTC