Northvolt is dead. Long live Northvolt
The company files for Chapter 11 bankruptcy, seizing a final opportunity to restructure and fight for survival.
This edition of The Mobility Week in Review explores Northvolt’s Chapter 11 bankruptcy filing, the decline in bicycle production across Europe, CAF’s latest contract wins in the Netherlands and Italy, the debut of Airbus’s groundbreaking aircraft poised to reshape the airline industry, Honda’s ambitious plans for solid-state batteries, and how streetcars could revolutionize urban freight transport.
Let’s dive in!
⚰️ What’s next for Europe’s EV dream after Northvolt’s chapter 11 bankruptcy?
The Swedish unicorn of batteries filed for Chapter 11 bankruptcy protection in the US this week, ending months of speculation about its financial stability. The filing grants Northvolt access to $245 million in funding — $145 million in cash and $100 million in new financing from Swedish truckmaker Scania, a major customer. This funding will enable the company to maintain operations until early next year, according to a press release. The company’s decision has cast doubt on Europe’s aspirations to establish its own battery industry, turning what once seemed achievable into a distant goal.