Europes battery dreams die, but China cashes in [Video]

Photo: Northvolt

Europe’s vision of building homegrown EV batteries to cut its reliance on China is dying. But China is more than ready to step in where other companies have failed.

The most high-profile example of Europe’s major battery setbacks comes from the much beleaguered Northvolt, the Swedish startup that was once one of Europe’s best-funded startups and recipient of the largest-ever green loan in the EU, with backing from Volkswagen and BMW. It has since filed for bankruptcy protection in the US after a rescue package failed to go through, with its cofounder and CEO, a former Tesla exec, quitting.

Fallout has been spreading through Europe – Bloomberg reports that 12 out of 16 planned European-led battery factories have been delayed or canceled.

Yet, China – already years ahead of the game in development – is ready to fill the gap, with 10 of 13 projects in Europe moving forward, all led by Asian manufacturers such as China’s Contemporary Amperex …

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