In a major setback for Europe’s push to cut reliance on Chinese battery suppliers, Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the US last month. The move is aimed at restructuring its debt and securing new funding. While the process is expected to be completed by early next year, the company has said it will be business as usual for the time being.
Behind the scenes, however, Handelsblatt is reporting that several automakers may have to delay future models due to problems at Northvolt. The upcoming all-electric Porsche 718 replacement is rumored to be one of the victims and it might miss its intended launch of late next year.
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