Hyperdrive

Northvolt’s Failure Shows EV Batteries Don’t Run on Star Power

Ex-Tesla founders, Goldman and Volkswagen’s backing, and orders from leading car brands weren’t enough to take Europe’s buzziest battery maker all that far.

Northvolt Co-Founder Peter Carlsson holding prismatic and cylindrical batteries at the company's facility in Vasteras, Sweden, in December 2019. — Northvolt Co-Founder Peter Carlsson holding prismatic and cylindrical batteries at the company's facility in Vasteras, Sweden, in December 2019.
Photographer: Erika Gerdemark/Bloomberg

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By Craig Trudell

November 22, 2024 at 1:05 PM UTC

Thanks for reading Hyperdrive, Bloomberg’s newsletter on the future of the auto world.

Ex-Tesla founders. Investments from the likes of Goldman Sachs and Volkswagen. Orders from BMW, Audi, Porsche and Volvo.