Volkswagen's substantial investment of €1.4 billion in Northvolt has now halved in value, marking a significant financial setback for the automaker amidst Northvolt's deteriorating condition.
In a desperate attempt to stave off bankruptcy, Northvolt laid off 1,600 employees and sold assets, indicating the severe financial strain and its inability to sustain operations.
With Northvolt filing for Chapter 11 bankruptcy, the uncertainty surrounding Volkswagen's investment only deepens, as speculation mounts on the actual value of their stake.
The immense monthly cash burn of $100 million showcases Northvolt's financial troubles, making it increasingly challenging for the company to maintain viability in the competitive battery market.
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