Northvolt, once seen as Europe's leading EV battery manufacturer, has filed for bankruptcy after depleting $15 billion in funding. Founded by ex-Tesla executives and backed by major investors including Volkswagen, its collapse raises significant concerns for European policymakers about the future of local battery manufacturing. With Northvolt's exit, the landscape seems poised for dominance by Chinese manufacturers like CATL, who are already expanding operations in Europe and planning considerable hiring, thereby intensifying competition in the industry.
"The startup's demise after burning through $15 billion poses big questions for European policymakers - and leaves the field open for a Chinese battery titan to continue its global expansion."
"As scrutiny over Chinese firms operating in Europe escalates...CATL and BYD have sought to localize production by building factories in European countries."
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