Battery maker to review growth plan;
Northvolt is examining its long-term strategy “both from a capital allocation point of view” as well as working out “realistic time plans for these projects between the customers,” Carlsson said in an interview.
Slower-than-expected demand for electric cars has prompted automakers to tweak model rollout plans and walk back ambitious goals for electrification. The ripple effect from these changes is starting to spread, with battery projects being pushed out and material suppliers Umicore SA and BASF SE cancelling projects.
Additional hurdles have also gone up for Northvolt, Europe’s most advanced homegrown battery maker. Long-standing battery rivals in Asia, such as China’s BYD Co., have made strides on improving cheaper lithium-iron-phosphate batteries, broadening the types of vehicles they can be used for, undermining Europe’s own battery industry efforts.
Northvolt is also dealing with internal problems in the transition to full-scale production. Customers like Volkswagen AG’s Scania have complained of delivery delays, while BMW AG has backed out of a €2 billion (US$2.1 billion) battery order because of quality concerns, dealing a blow to the region’s efforts to establish an independent EV supply chain.
The manufacturer’s operating loss more than tripled to US$1.03 billion last year, Northvolt said, as the company dealt with “multiple challenges and setbacks” while seeking to scale up output at its Ett battery gigafactory, Carlsson said in a statement.
They probably just need more of our money.
Update: The Canada Pension Plan Investment Board put more than $600 million in China’s electric vehicle sector accused by cabinet of unfair trade practices.
“They probably just need more of our money.”
And the idiot will no doubt borrow more billions to give to the battery makers.
Eventually the money payback will be forgiven.
After all, it’s not his money.
There’s no ‘probably’ about it. The news about our “investment$” is strategically positioned at the end of the CBC article.
This is another way to put a spike in the wheels of PP & Conservatives: have long-term crippling contracts with all kind of EV/battery promising moon&sky companies so next gov won’t be able to undo anything. While they will be pestered in Parliament that they can’t turn around the economy.
Baaahh, don’t worry about that!
PeePee is putting together a press conference right now to denounce the continual rape of Canadian taxpayers so turdo can support his Ivory Tower Trash corporate friends in this great EV scam. Just like he did when turdo and blubber douggie pissed away 13 billion on battery plants in Ontario. Remember?
That’s the words he’s going to use…. any minute now … certainly by the end of the week.
I remember when Jean Chretien and government cancelled the freight rail contract i cannot for the life of me remember the correct name) which was to be “in perpetuity”. If former Liberal governments can cancel “at the drop of a hat”, then so can future Conservative governments.
President Meili in Argentina has eliminated at least 50% of the government departments and their attendant civil servants, their salaries and their pensions. This is especially easy to do when you have been elected with a majority government.
The Crow Rate.
Factories not selected by the markets are predetermined to go broke. When production of electric cars is not increasing, where exactly are these batteries going? Electrical vehicles do not have a 10 year lead time. I’m guessing they have a 500 year lead time.
In other car news… EU speed limiter mandate goes into effect July 7. Coming soon to North America.
https://www.dailymail.co.uk/money/cars/article-13587341/All-new-cars-fitted-automatic-speed-limiters-week-drivers-turn-off.html?ito=native_share_article-nativemenubutton
$2.7 billion of stolen taxpayer money to build it, and up to $4.6 billion in additional stolen taxpayer money to pay for batteries that no one wants in order to satisfy Trudeau’s “Field of Dreams”
I’m warming to the idea of “Odious Debts”
Canadians are running on batteries.
Eventually we’ll be powerless.
And by eventually I mean pretty much tomorrow.
EV makers get a shock?
Will the EV makers have a fire sale?
the golf cart scam …… these so called E.V’s are nothing more than that