Europe’s “green dream” Northvolt has filed for bankruptcy protection in the US after a rescue package failed to go through, leaving the battery maker with just one week’s worth of cash in the account. Cofounder and CEO Peter Carlsson, who spearheaded a costly expansion, has also quit.
The Swedish-owned battery maker filed for Chapter 11 in the Southern District of Texas, reports Bloomberg, with $5.8 billion debt. CEO Peter Carlsson, Telsa’s former chief products officer, stepped down from his role as CEO after the filing, but will remain onboard as advisor and director.
According to a statement, Northvolt said that its main factory will maintain business as usual during the reorganization, as the company now has a buffer from creditors, giving it time to restructure the balance sheet. However, the company said that this will not impact its business in Germany, and through the court process, Northvolt now has access to about $145 million in cash collateral. An additional $100 million in debtor-in-possession financing will be added to the pot via one of its customers, the report said.
The company still has a $7 billion project in place in Quebec – a new campus that is set to include a cell production plant, battery recycling, and cathode active-material production facilities – and the bankruptcy won’t affect those plans, the company said on its website. “Northvolt Germany and Northvolt North America, subsidiaries of Northvolt AB with projects in Germany and Canada, are financed separately and will continue to operate as usual outside of the Chapter 11 process as key parts of Northvolt’s strategic positioning.”
The plant is expected to have capacity to produce 30 GWh of battery cell every year, with an expansion set to double that output, making it enough to power 1 million EVs. The Canadian government is putting $1.334 billion CND toward the project, with Quebec chipping in another $1.37 billion CND.
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. 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.
But then things started going south, with Northvolt’s production problems and 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 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.
Last month, Volvo started proceedings to take over their joint venture with Northvolt, while Volkswagen Group’s representative to Northvolt’s board stepped down this month. Sweden, for its part, is ruling out taking a stake to save its homegrown enterprise, Bloomberg reports. Carlsson had said last month that the company needs more than $900 million to permanently shore up its finances.
Photo credit: Northvolt
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We’ve been big fans of highly capable LSVs for a while here on Electrek, and the newest Cushman Hauler XL ELiTE electric utility vehicle keeps that trend alive with an extra-long, 68.5″ aluminum bed for even more cargo-hauling capability.
The Cushman Hauler XL ELiTE’s truck-like layout, functional dash, and familiar, car-like controls make it easier to operate than an ATV with a trailer, while its 1,200 lb. bed load capacity and 1,600-pound payload capacity (plus 1,500 lb. towing capacity) beat the pants off the classic, 00’s-era Ford Ranger pickup’s 1,140 lb. payload capacity.
The Cushman’s flatbed can be upgraded to add steel drop sides, an aluminum box bed (shown, above) and other custom upfit solutions that enable fleet operators to perfectly tailor the Hauler’s capabilities to their specific needs.
You already know how to drive it
The Hauler XL features a “twin pack” of two 56.7V, 4.2 kWh ELiTE lithium-ion batteries (8.4 kWh total) developed by Samsung SDI. The batteries are expected to be good for between four to eight hours of operation, depending on load, and are backed by a 5-year battery warranty.
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What’s more, the newest Cushman features a technology that’s commonplace in cars and trucks, but still incredibly rare in the world of UTVs: regenerative braking.
“The Hauler XL … is an industry leader in bed size, vehicle rating and bed load capacity,” says Adam Harris, vice president and general manager of Cushman and E-Z-GO. “With our five-year battery warranty and patented E-brake technology, it’s built for the most difficult jobs.”
Cushman lists the Hauler XL’s manufacturer suggested retail price (MSRP) at $19,989, but dealers are advertising new ones for as low as $17,398. For that money you get a day’s worth of silent, emissions-free operation and the previously-mentioned 1,200 lb. bed capacity.
Electrek’s Take
Hauler XL ELiTE; via Cushman.
Every smart fleet manager eventually asks themselves whether they need a pickup, or a payload. When they ask that question, they’re usually trying to decide between something like a Ford Maverick and an F-150, but with vehicles like the Hauler XL ELiTE, Club Car Urban UTV, or the latest weird thing Micah Toll dredged up on Alibaba, you get the bed and the payload capacity – and you get them both for $20-30,000 less than a conventional pickup.
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It kind of looks like the Genesis GV60. Kia’s smallest and most affordable electric SUV is set to receive a sleek new coupe variant. The Kia EV2 Coupe was spotted for the first time, giving us a clear look at how it compares to the SUV version.
Meet the Kia EV2 Coupe, a new entry-level EV
The Concept EV2 was first showcased during Kia’s EV Day in April, previewing its upcoming entry-level EV. Kia has yet to say exactly how big it will be, but it’s expected to be slightly smaller than the EV3 at 4,300 mm (169.3″) in length.
Despite its small size, Kia claims it will feel much more spaceous, thanks to a unique interior design. With a higher-sitting ride than you would expect, the EV2 even looks bigger on the road. It sort of resembles a mini EV9 with wide wheel arches and Kia’s new Tiger Face grille design.
With its official launch coming up, EV2 prototypes have been spotted driving out in public a few times now. Camouflaged, of coarse.
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We even got a sneak peek of the interior during an exclusive event at Milan Design Week in April, but the most recent sighting looks a little different.
Kia EV2 Concept (Source: Kia)
The new Kia EV2 Coupe variant was spotted on a car carrier in Korea with a coupe-like design. A video from HealerTV provides a side by side comparison of it compared to the original SUV model.
As the reporter notes, the vehicle looks almost identical from the front and back, until it comes to the C-Pillar. From what we can see, the new coupe design has a bit of a Genesis GV60-like feel to it. The bumper and trunk area have been slightly modified to fit the coupe styling.
Kia EV2 Coupe spotted in Korea for the first time (Source: HealerTV)
The new Coupe variant gains pixelated turn signals on the side mirros, giving it a more futuristic, electric look.
Unlike most of Kia’s new electric vehicles, including the regular EV2, the Coupe variant features horizontal taillights, as opposed to the new vertical design. However, that could change when it arrives in production form.
Kia Concept EV2 interior (Source: Kia)
The interior will feature Kia’s new ccNC (connected car Navigation Cockpit), a panoramic curved infotainment system with dual 12.3″ driver cluster and touchscreen navigation screens.
Kia is set to launch the EV2 in Europe and “other global regions” next year. Given the love for bigger trucks and SUVs in the US, it’s not expected to make the trip overseas.
Kia Concept EV2 (Source: Kia)
Although the company has yet to officially reveal prices, Kia’s CEO, Ho-Sung Song, told Autocar in 2023 that the company wants to launch the EV2 at around £25,000 ($32,000) in the UK. It will sit below the EV3 in Kia’;s lineup, which is priced from £32,995 ($44,800) in the UK and €35,990 ($41,600) in Europe.
What do you think of the Kia EV2 Coupe? Do you like the design better than the original modle? If it looks like the Genesis GV60, sign me up. Let us know your thoughts in the comments.
Check back soon for more info on the upcoming Kia EV2 and new Coupe variant. We’ll keep you updated with the latest.
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Electric Era just installed six fast EV charging stalls in 54 days from contract to go-live at a Costco in Northport, Florida. That kind of speed is rare in the EV charging world, and it’s thanks to a clever battery-backed system that skips a lot of the usual headaches like grid upgrades and long permitting delays.
Seattle-based Electric Era signed the deal with Costco on April 7, 2025, and had all the drawings and permits in by April 18. Hardware hit the site by mid-May, and by May 30, the site was live with three charger units offering both CCS and NACS plugs. (Electric Era notes that it removed existing EV charging stations, so I wonder whether having existing infrastructure in place sped up the process, even though it needed upgrades.)
The 200 kWh chargers can juice EVs up to 80% in 20 to 60 minutes, and include 24/7 monitoring, automatic fault detection, and over-the-air updates to keep them running smoothly.
Electric Era can move quickly because its patented tech drastically lowers the amount of electricity the site pulls from the grid, making installs easier and reducing grid power consumption by up to 70%. The company also handles everything in-house – from engineering to supply chain to project management – which helped them move from idea to live site in less than two months.
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CEO Quincy Lee says it’s what retailers want: “Our retail customers don’t want their lots torn up for years, they want fast, reliable EV charging systems to help them grow their business and boost their bottom line.” And with grant programs on the line, being able to skip utility upgrades can make a big difference.
But this isn’t just about speed. The North Port Costco installation also includes customer-focused tech like loyalty program integration, point-of-sale connection, and 32-inch screens that retailers can use to run promos and ads. It’s all designed to pull EV drivers into the store and boost sales while they charge.
Electric Era’s chargers are no slouch on performance either. The company says its systems have a 98.5% uptime per port and more than 90% session reliability, with a 96% positive rating on PlugShare. That’s enough to qualify them for Tesla’s Third Party Charging program.
And behind all this is a “skunk works” team of former SpaceX engineers in Seattle, using a “first principles engineering process” to rethink and evaluate every step of the system, from system engineering and project management to parts procurement and system assembly.
As more EV drivers hit the road, stores want charging stations that not only work but also bring in high-value customers.
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