EV battery makers get a $1 billion boost in the EU – but there’s a catch
The European Commission is throwing a lifeline to its emerging EV battery sector with a hefty boost of €1 billion ($1,05b). But companies relying on Chinese materials are likely to be cut out. Question is, is it too late to save Northvolt?
The new proposal is one of the first new measures to be launched in the first week of the EU Commission’s new term, and is part of a sweeping package of €4.6 billion aimed to boost net-zero technologies, EV battery cell manufacturing, and renewable hydrogen.
“All three calls include new resilience criteria to boost European industry,” said Teresa Ribera, the commission’s new executive vice president in charge of the clean transition. “The batteries call and hydrogen bank auction will also include specific resilience criteria to protect Europe against dependency on a single supplier.”
Companies interested in applying for subsidies have until April 24, 2025 to do so, and those who will receive a grant should have a signed agreement by the first quart of 2026. For now, the EU Commission isn’t saying what the maximum amount of funding would be per project.
As Europe’s “green dream” Northvolt has been bleeding out for months, this move seems to be a nod to the difficulties in the sector. The Commission stated that “multiple instruments are needed to overcome some of the economic barriers that the battery value chain in Europe, including its gigafactories, is currently facing. The Commission will continue to deploy instruments at hand and engage in new avenues, including in the short term, for addressing barriers to large-scale industrial scale up.”
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. But at this time, it’s uncertain if these funds will arrive in time to save Northvolt.
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 recently quit. The Swedish-owned battery maker filed for Chapter 11 in the Southern District of Texas, with $5.8 billion debt. Today, Reuters reports that Northvolt now seeks to sell its business by year-end, a devastating loss to what was one of Europe’s best-funded startups and recipient of the largest-even green loan in the EU.
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.
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Honda is set to pull the covers off a new electric motorcycle on September 2, teasing the upcoming reveal with camouflaged images on the brand’s social media. The upcoming unveiling is sparking speculation that this could be one of the first models in Honda’s long-promised push into more powerful motorcycle electrification.
The teasers show the shape of a motorcycle with fairly conventional proportions, including a two-up seat, standard riding posture, single-sided rear swingarm, and no visible foot-forward scooter ergonomics, which suggests this will be an honest-to-goodness motorcycle rather than an e-scooter. The bodywork looks sporty but subdued, lacking the aggressive fairings of a supersport, which may point to a street-oriented commuter or naked bike. In fact, it looks a lot like the EV Fun Concept unveiled by Honda last October in Milan, seen above.
Street commuter bikes are common among electric motorcycle makers. They capitalize on the strengths of electric drivetrains without requiring the long range associated with touring motorcycles. It’s a move we’ve seen play out time and again among brands like Can-Am, Kawasaki, Ryvid, and others who have produced smaller, urban-focused electric motorcycles in the last few years.
This aligns with Honda’s previously stated plans. The company announced years ago that it would introduce at least 10 electric motorcycle models by 2025, ranging from commuter vehicles to high-performance machines. So far, its progress has been modest, with small-scale launches focused around electric scooters and prototype testbeds like the CR Electric motocross bike.
Whispers from Honda have hinted at an upcoming street bike, and some observers believe this new model could be the production version of that EV Fun Concept from EICMA Milan Motorcycle Show. Whether it uses Honda’s swappable batteries like the EM1 e: remains to be seen, but it’s likely to target daily riders in urban markets rather than aiming for long-range touring or high-speed sport performance.
Honda has been characteristically cautious in its entry into the electric space, especially compared to startup rivals and brands like Zero, LiveWire, and Ryvid. But the September 2 reveal may signal a new chapter as the world’s largest motorcycle manufacturer finally takes electric motorcycles more seriously.
We’ll be watching closely to see what Honda brings to the table, especially as legacy brands start feeling pressure from both regulators and riders to electrify their lineups.
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With its tire-blistering acceleration and record-setting performance, the Xiaomi SU7 Ultra has been getting attention throughout the auto industry, impressing everyone who’s seen it. That “everyone” now seems to include the OG supercar brand, itself.
CarNewsChina posted pictures from a Weibo user that reportedly show a Xiaomi SU7 Ultra exiting the storied Ferrari factory in Maranello, Italy. According to a Chinese blogger going by 西米露在博洛尼亚 (which seems to translate to “Sago Dessert in Bologna”), the prancing horse brand is actively benchmarking the Chinese hypercar for its own upcoming EV.
The SU7 Ultra was definitely coming from inside Ferrari’s facility. After verification, we learned this specific vehicle was officially purchased by Ferrari for testing, and the development of their next-generation electric platform.
Yet another Chinese auto blogger, 苏黎世贝勒爷, claims that Ferrari representatives visited Xiaomi headquarters last year, allegedly to discuss the joint development of next-generation high-performance EV motors.
The Xiaomi SU7 Ultra made its debut last year, promising 1,548 hp, sub 2.0-second 0-60 mph times, and a top speed well over 200 mph – all at a price lower than a Tesla Model S Plaid or Porsche Taycan Turbo GT. The car sold out almost immediately after it was unveiled, racking up some 50,000 orders almost overnight.
The new electric benchmark
In the automotive world, “benchmarking” is a process in which car companies systematically tear down each others’ competitive products to compare everything from sound insulation, vehicle ride and handling, component materials, and even manufacturing methods against their own or against other industry leaders. The goal is to evaluate performance, cost, quality, and other key metrics, effectively figuring out “where they stand” in the market.
If Ferrari really did buy an SU7 to benchmark it against their own upcoming electric supercar, it’s more than just a curiosity – it could mean that the highest tiers of automotive innovation have shifted from West to East. Maybe forever.
Featured image via Xiaomi; sources throughout the post.
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We’re finally getting our first teases of the upgraded 2027 Chevy Bolt, built on GM’s battery/motor platform formerly known as Ultium. So far, so good for the vehicle, which will be revealed later this Fall.
Chevy took to social media today to tease the 2027 Chevy Bolt, saying, “You asked, we listened. The #ChevyBolt is back and better than ever. More this fall. 👀”
Chevy ended the original Bolt program with the 2023 model, which was loved by a loyal group of customers (including myself). Some of the major gripes, including charging speed and rear brake lights, already look to be addressed. Also, a new more aggressive fascia is debuting.
Electrek’s take
GM has done an incredible job keeping the 2027 Bolt under wraps. It will be the first GM vehicle with a native NACS port after the Cadillac Optiq-V, which we spied in Seattle last week.
Hopefully, the new Bolt will have improved charging speeds over and above the 54kW that previous Bolts adhered to. One possible downgrade is that the old Bolt’s amazing wireless CarPlay/Android Auto system will likely be replaced by GM’s move to Android’s built-in experience. For a few years, the Chevy Bolt was the most affordable long-range EV, and it won our 2022 Electrek car of the year for its versatility and price.
I would, of course, like to see the new Bolt as a hot hatchback, but GM CEO Mary Barra has hinted that it will likely take more of the EUV’s SUV form factor. Things like AWD options, SuperCruise, pricing, power and range are yet to be revealed, but stay tuned to Electrek for the latest on Bolt developments.
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