Northvolt is doomed. For as long as EU and the Swedish state supported it with guarantees of subsidies they could hype up the value of the shares and that is what they did. The people that funded the company could sell of most of their shares with profit. However this could not work in the long run. Last year they lost 13 billion Swedish krona and the production was only 5/1000 of what they had promised they could do. The reason why BMW canceled the contract was that Northvold was unable to deliver. The Swedish government will not grant them any more money and VW which is the biggest shareholder with 20% have their own problems in Germany. This project was doomed from day one. They bought outdated technology from China and the manuals and the menus on the machines were only in Chinese. That is why they had to employ a bunch of Chinese to operate the equipment. The machines have had all kinds of technical problems and there have been many emissions of toxic gasses. Since a large portion of the workforce have been of foreign origin Swedish rules and regulations have been ignored. If that wasn’t bad enough there have been a number of mysterious deaths among the employees when they were off duty that statistically should not have happened. People in their best age and not in any high risk group. It is likely that the deaths are linked to their working environment.
Northvolt is doomed. For as long as EU and the Swedish state supported it with guarantees of subsidies they could hype up the value of the shares and that is what they did. The people that funded the company could sell of most of their shares with profit. However this could not work in the long run. Last year they lost 13 billion Swedish krona and the production was only 5/1000 of what they had promised they could do. The reason why BMW canceled the contract was that Northvold was unable to deliver. The Swedish government will not grant them any more money and VW which is the biggest shareholder with 20% have their own problems in Germany. This project was doomed from day one. They bought outdated technology from China and the manuals and the menus on the machines were only in Chinese. That is why they had to employ a bunch of Chinese to operate the equipment. The machines have had all kinds of technical problems and there have been many emissions of toxic gasses. Since a large portion of the workforce have been of foreign origin Swedish rules and regulations have been ignored. If that wasn’t bad enough there have been a number of mysterious deaths among the employees when they were off duty that statistically should not have happened. People in their best age and not in any high risk group. It is likely that the deaths are linked to their working environment.