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Key players like Northvolt emerged as symbols of this ambition, aiming to localize battery production and ultimately diminish reliance on foreign supply chains. Founded in 2016 with substantial backing from major corporations including Volkswagen and Goldman Sachs, Northvolt was hailed as a beacon of hope meant to propel Europe to the forefront of the EV market.
The Unraveling of Ambitious Plans
However, the reality has been starkly different, with numerous challenges paving the way for setbacks in Europe’s EV aspirations. Northvolt, once regarded as a catalyst for change, recently filed for bankruptcy—an event that reverberates through the entire EV industry. Rising energy costs, prolonged supply chain bottlenecks, and fierce global competition have converged to undermine the sector.