Northvolt was seen as a potential rival to Chinese battery giants like Contemporary Amperex Technology Co. However, operational setbacks have led to its survival being questioned.
The company's ambitious plans involved billions in funding and numerous contracts, but poor execution has resulted in growing losses, which tripled to $1.03 billion this past year.
After initial setbacks, Northvolt's efforts to reassure investors included retrenching production and cutting workforce. Despite this, confidence remained low, leading to significant layoffs.
With the rapid growth needed to compete with China's dominant electric vehicle battery market, Northvolt's failure to execute effectively has turned its ambitious vision into a daunting challenge.
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