Volkswagen slashes the value of its stake in Northvolt, the beleaguered battery manufacturer

Quick Summary:

The company was reportedly burning through $100 million a month, according to Swedish media.

Now, the automaker’s €1.4 billion stake is worth less than half that, according to Reuters.

The write downs occurred throughout the current fiscal year as the situation at Northvolt deteriorated.

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Article Details

Author / Journalist: Tim De Chant

Category: Technology

Markets: United States

Topics: In Brief Battery manufacturing Northvolt Bankruptcy Transportation Climate Volkswagen Lithium-ion battery

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-25 @ 19:53:52 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 115 words

Reading Time: 1 minutes read

Sentences: 6 lines

Sentence Length: 20 words per sentence (average)

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Copyright Owner: © TechCrunch

News ID: 23843802

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