"Today is a sad day for me, the entire Cuberg family that I have known for the last nine years, and the battery industry at large," Cuberg founder Richard Wang said in a LinkedIn post on Tuesday. This reflects the emotional impact of the decision and highlights the significance of Cuberg in Northvolt's strategy.
The order went to Samsung instead, underscoring the looming threat of Asian competition for the likes of Northvolt. This highlights the aggressive competitive landscape Northvolt faces in securing contracts with major automotive players.
While Sweden is no stranger to the car-making industry, Northvolt has been a flagbearer of Europe's pioneering contributions to EVs as the first homegrown company in the battery-making sector otherwise dominated by countries like China and South Korea.
Cuberg was acquired by Northvolt three years ago to expand its operations in America amid strong EV demand. The move back to Sweden raises questions about the future of Northvolt's presence in the U.S.
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