Chinese Firms Overtaking European EV Makers Despite Massive Subsidies

Chinese Firms Overtaking European EV Makers Despite Massive Subsidies

Northvolt, an electric vehicle (EV) battery maker that was once one of Europe’s best-funded start-ups, filed for bankruptcy in its home country, Sweden. The company had contributed 76 gigawatt hours to the region’s gigafactory pipeline. Its failure reduces European-owned cell production capacity to 30% of Europe’s 2030 pipeline, benefiting Asian producers and raising doubts about the viability of Europe’s own battery sector. The company, which a…