Swedish govt declines to invest in struggling battery maker Northvolt; will focus on private ownership.

Swedish Prime Minister Ulf Kristersson announced that the government will not invest in Northvolt, a struggling battery maker facing competition and declining EV sales. Northvolt plans to downsize and focus on battery cell production after losing a major contract. Despite concerns over its future, the government believes private owners should guide the company. Northvolt will need to source materials from Asian suppliers, highlighting Europe's reliance on them for battery production.

September 16, 2024
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