Stockholm, November 24:슬롯 머신 사이트 추천Swedish EV battery maker Northvolt, after announcing a슬롯 머신 사이트 추천couple of rounds슬롯 머신 사이트 추천of layoffs this year,슬롯 머신 사이트 추천filed for bankruptcy with a debut of USD 5.8 billion.슬롯 머신 사이트 추천According to reports, the collapse of슬롯 머신 사이트 추천the슬롯 머신 사이트 추천company was a슬롯 머신 사이트 추천blow to Europe's bid to stand슬롯 머신 사이트 추천up in the EV supply chain. The슬롯 머신 사이트 추천battery maker had become a슬롯 머신 사이트 추천hope for the future of electric vehicles in the European region.슬롯 머신 사이트 추천

Bloomberg슬롯 머신 사이트 추천reported that Northvolt AB's fall towards bankruptcy began in June 2024 when BMG AG cancelled a "multi-billion dollar" order.슬롯 머신 사이트 추천This order was very important for the슬롯 머신 사이트 추천company, and with the cancellation, Northvolt was scrambled to keep슬롯 머신 사이트 추천the finances flowing.슬롯 머신 사이트 추천However, it is reported that the German automobile industry already struggled and슬롯 머신 사이트 추천was going through a crisis and not keeping up with the market.슬롯 머신 사이트 추천Ford Layoffs: US-Based Automobile Giant Planning Job Cuts of 4,800 Employees in Germany, UK Amid Its Struggles With Passenger Vehicle, Lower Demand.

The Northvolt layoffs슬롯 머신 사이트 추천were announced as the company struggled, and hundreds of슬롯 머신 사이트 추천jobs were cut슬롯 머신 사이트 추천as part of efforts to save슬롯 머신 사이트 추천costs. The report슬롯 머신 사이트 추천mentioned that the investors had poured USD 10 billion into the company and later found that only USD 30 million in cash was left. On Thursday, the Swedish EV battery슬롯 머신 사이트 추천company filed for bankruptcy, which슬롯 머신 사이트 추천reportedly set back the European industry against competitors슬롯 머신 사이트 추천from South Korea and China.

Northvolt CEO Peter Carlsson resigned슬롯 머신 사이트 추천amid the crisis and warned the EU슬롯 머신 사이트 추천about the risks of it slowing down on the green projects.슬롯 머신 사이트 추천He also said the company needed USD 1.2 billion to finance its new business plan. He슬롯 머신 사이트 추천told the reporters about regret if the company did not drive the transition towards cleaner tech. The슬롯 머신 사이트 추천Northvolt investors hoping to get cash returns were warned in슬롯 머신 사이트 추천a call from one of the company owners about running out of cash.슬롯 머신 사이트 추천GM Layoffs: General Motors Lays Off Hundreds of Workers Globally, Employee of 38 Years Gets Termination Email at 5 AM.

The report said the Sweden-based EV battery maker슬롯 머신 사이트 추천was facing a task of restructuring and focusing more on operations to emerge from its Chapter 11 bankruptcy. Amid the delay in its IPO, delays in building budgets, and슬롯 머신 사이트 추천construction projects, the company reportedly슬롯 머신 사이트 추천tried hiding슬롯 머신 사이트 추천that it was running out of cash. The battery maker also tried to assure the investors by announcing the Skelleftea plant슬롯 머신 사이트 추천expansion in슬롯 머신 사이트 추천northern Sweden.

(The above story first appeared on LatestLY on Nov 24, 2024 05:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).