Europe’s “green dream” Northvolt is fighting to keep afloat. The Swedish-owned battery maker is now hoping a fresh injection of millions of dollars from its cofounder will generate a rescue package from other investors and keep the lights on.
According to Reuters, Northvolt’s cofounder Harald Mix is willing to funnel 100 million crowns ($9.50 million) into the group and may be joined by pension funds AMF and AP and other investors. The goal is to secure short-term funding of some $217 million, according to the report, to stabilize the group’s finances. According to some media reports, about $160 million has already been secured through verbal commitments.
Northvolt has hit hard times in recent months, once thought of as Europe’s best shot to homegrown EVs and the makers of “the world’s greenest battery.” Enthusiasm mounted as the company opened the doors to its first plant in Sweden, in the small town of Skelleftea near the Arctic Circle, in 2021, with Telsa’s former chief products officer Peter Carlsson at the helm. Billions of dollars have been invested into the company, and Volvo, VW, and BMW rushed to place future orders.
All of this enthusiasm has been fueled by a vision to cut dependency on China by creating greener EV batteries using 100 percent recycled nickel, manganese, and cobalt. Plans were put in place to build factories in Gothenburg, in southern Sweden, and Poland, Germany, and Canada, all backed by huge government subsidies. Back in January, the company raised an additional $5 billion, firmly locking in its position as one of Europe’s best-funded startups and recipient of the largest-ever green loan in the EU.
Then things started going south. For one, workers were dying. In January this year, a 33-year-old Northvolt employee was found dead in his bed after working a shift at the plant. A month later, a 19-year-old man who worked at the company mysteriously died in his bed after his shift. In June, another man, in his 60s, also collapsed and died at home after coming home from work. Swedish police have launched an investigation, and the probe will continue through the end of the year. Other reports have also started coming out, including workers complaining of unsafe conditions by being “forced” to handle toxic waste without proper equipment. Since 2019, 26 serious workplace accidents have been reported, according to an investigative report published in Dages Nyheter (source: Courrier International).
Northvolt’s production problems have been the real crux of the issues, with massive delays forcing BMW to cancel its €2 billion battery cell order with the company. This past May, Northvolt also announced that it pushing back its plans for an IPO until next year. The interim report that followed revealed the dire state of its finances and how far its production had fallen short of goals, with CEO Peter Carlsson admitting he had been “too aggressive” with the company’s expansion plan.
Since Northvolt has put in place a series of changes to reset the company’s course, including bringing onboard a new CFO, leaving the former CFO to focus solely on expansion plans. Plus the company started making cuts, including closing down its research center, Cuberg, in San Francisco and deprioritizing secondary businesses. At the end of September, Northvolt announced that it would cut 1,600 staff from three Swedish sites and about 20 percent of its international workforce.
Now Northvolt has a chance to get a rescue package if a consortium of investors comes through. But so far, details coming from those involved are scant. “We in general have constructive dialogue with our investors, lenders and customers and see progress,” an AP spokesperson told Reuters, declining to comment any further. The investment arm of Goldman Sachs Group, Northvolt’s second biggest owner, may also jump in and help, but Reuters reports that the company had declined comment.
Of course, other battery makers have hit hard times as well, including Stellantis-backed Automative Cells Company, which has stopped construction on factories in Germany and Italy. Volkswagen too has recently scaled back its plans to build battery cell factories in Europe and North America as well.
Photo credit: Northvolt
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The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!
Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.
As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.
In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.
The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.
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With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.
When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.
“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”
The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.
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Open to work
Kenworth T880E; via PACCAR.
In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.
Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.
Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.
It’s so big, you guys
Kenworth T880E; photo by the author.
The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.
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The tire-blistering SU7 Ultra has been the Xiaomi brand’s flagship super sedan since its launch, but a controversial software setting has limited the car to “just” 900 hp in regular driving – resulting in an outcry from owners who ponied up for the big boy numbers. With its latest software update, that missing 648 hp is back on tap!
The SU7 Ultra made waves throughout the performance car world when a bright yellow striped example lined up alongside a white quarter mile king, the 1,000+ hp Tesla Model S Plaid, and promptly smoked it.
That wasn’t all. A preproduction SU7 Ultra prototype lapped the legendary Nürburgring circuit in just 6 minutes and 46.874 seconds, firmly stamping the 1,500+ hp Xiaomi’s alphanumeric into the track’s record books with a time nearly fifteen seconds quicker than a Rimac Nevera or, on the ICE front, either a Corvette ZR1, Viper ACR, or Porsche 918 (take your pick).
It’s hardly any wonder, then, that the customers who signed up – in droves, too – were disappointed to learn that the SU7 they were allowed to buy had been neutered by the safety nannies to the tune of nearly 650 hp. (!)
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We’re so back
The outrage from SU7 Ultra owners was immediate. And, facing mounting pressure online and on social media, Xiaomi ultimately decided to withdraw the performance-limiting features while acknowledging the need for more transparent communication about future software updates they messed up, saying in a statement, “we appreciate the passionate feedback from our community and will ensure better transparency moving forward.”
So, rich people can rocket themselves down the road in 9 second hypercars again and all is right with the world. A happy ending – but one that sort of illuminates a fresh set challenges for automakers peddling “software-defined vehicles” to a market that still thinks of their cars as very much hardware defined products.
The new reality is playing out in real time now, and the Jeff Bezos-backed $20,000 electric compact pickup from Slate Auto is going the other way entirely – time will tell whether more, or less tech is the answer.
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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