The company is already in reorganization.
From Reuters, January 31
Exclusive: Scania tries to breathe life into troubled EV battery maker Northvolt
STOCKHOLM, Jan 31 (Reuters) - Truckmaker Scania has stepped in to help Northvolt with the day-to-day running of its flagship plant in northern Sweden, a last-ditch effort to boost quality and output at the struggling electric vehicle battery maker as it scrambles to secure funds.
- Scania is supporting Northvolt's operations in Sweden
- Scania staff heavily involved in day-to-day running of Northvolt Ett plant, documents
- Northvolt faces financial struggles, needs $1.29 bln to overhaul, sources
- Northvolt filed for Chapter 11 after financing talks collapsed
Since November, Scania has sent members of staff to Northvolt's Ett plant in Skelleftea, 200 kilometres below the Arctic Circle, according to internal Northvolt documents reviewed by Reuters that outline Scania's support strategy for the green tech player. The plant employs some 2,500 people.
Four Northvolt workers told Reuters they had seen Scania employees, identifiable by an orange visitor armband, inside the factory in recent months, with one saying this was happening as late as this week.Scania acknowledged to Reuters that it was assisting with the production ramp-up and that it had sent staff to the Northvolt Ett plant for a period, but declined to provide further comment.Under the support plan, which has not been reported, each Scania staff member is to be paired with a Northvolt shift manager or team leader to "coach" teams while "simultaneously helping to drive improvements and implement standards", an internal presentation dated early November read....
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And from Reuters via MSN, January 29:
STOCKHOLM (Reuters) - Volvo Cars has signed an agreement to buy struggling Swedish battery maker Northvolt's stake in their joint battery venture NOVO Energy, the Sweden-based automaker said on Wednesday, without disclosing the price.
Volvo Cars and Northvolt, which is under bankruptcy protection, formed the joint venture in 2021 to build a battery factory in Gothenburg on Sweden's west coast. The carmaker said in October it would need a new partner to keep plans for the factory on track....
....MUCH MORE
If interested see also:
So far it's compartmentalized but the parent company is also facing financing and sales problems, more after the jump....***...There was a reason we titled September 5's post "Portents" - "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months". It was a sign of things to come, including September 25's Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"
Batteries: Sweden's Northvolt Has Hired A Restructuring Expert
"Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan"
The electric vehicle business is not an easy one.
