UK startup Britishvolt filed for the UK’s equivalent of bankruptcy on Tuesday, letting go of all but a couple dozen employees as the three-year-old company struck a major blow to the country's hopes of building a home-grown battery industry.
“I would call it an unmitigated disaster for the auto industry in the UK,” Andy Palmer, the former Aston Martin CEO, said Wednesday on BBC radio.
“Ultimately, British car manufacturing will migrate to where the battery factories are, which is going to be in central Europe.”
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