Northvolt files for bankruptcy, CEO quits
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.
In recent weeks, Northvolt has been in intense negotiations in the hope of securing a $300 million rescue package to give the company a bit more time to seek longer-term funding. But when that deal fell through, the battery maker was forced to seek protection from creditors via the Chapter 11 filing.
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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A new review of US Energy Information Administration (EIA) data by the SUN DAY Campaign reveals that solar delivered almost 9% of US electricity in the first half of 2025. Wind and solar combined produced just over one-fifth of the country’s electricity, while renewables as a whole hit nearly 28%.
Solar’s record-breaking growth
EIA’s latest monthly Electric Power Monthly report (with data through June 30, 2025) confirms that solar kept its streak as the fastest-growing major source of US electricity. In June 2025 alone, solar soared. Utility-scale solar power plants cranked out 30.1% more electricity than in June 2024, while rooftop and other small-scale solar systems grew by 10.5%. Combined, solar generation jumped 25% year-over-year and made up 10.2% of US electricity that month.
Looking at the first six months of 2025, utility-scale solar expanded by 37.6%, and small-scale systems rose 10.7%. Together, they grew nearly one-third (29.7%) compared to the same period in 2024. That meant solar provided 8.7% of all US electricity in January-June, up from 6.9% the year before.
That’s a milestone: Solar is now producing almost 45% more electricity than hydropower (6.0%), and it’s generating more than hydropower, biomass, and geothermal combined.
Wind is still a front-runner
Wind turbines supplied 11.6% of US electricity in the first half of 2025 — a 2.4% boost compared to the same time in 2024. Wind’s output was almost double hydropower’s contribution.
Wind + solar are beating coal and nuclear
Together, wind and solar accounted for 20.3% of total US electricity in the first half of 2025, up from 18.6% last year. That’s a bigger share than coal or nuclear. In fact, wind and solar generated 25% more electricity than coal and 15.6% more than nuclear over the same period.
Renewables overall are surging
All renewable sources combined – wind, solar, hydropower, biomass, and geothermal – generated 27.7% of US electricity from January through June 2025, up from 26.1% a year ago. Their output grew three times faster than total US electricity generation overall (9.2% vs. 3.0%). Renewables are now second only to natural gas, whose generation actually dropped 3.7% in the first half of the year.
Ken Bossong, executive director of the SUN DAY Campaign, added that this growth happened before the passage of the Trump/Republican “megabill,” which could slow future renewable expansion. “Nonetheless, EIA notes that US developers expect half of new electric generating capacity to come from solar in 2025 and another 13% from wind.”
Read more: EIA: Solar outproduced wind for the first time ever in May
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The new and improved Hyundai IONIQ 5, or the hot-selling Chevy Equinox EV? Which electric SUV makes the smarter lease? Here’s the rundown.
Over 607,000 electric vehicles were sold in the US in the first half of 2025, thanks to some big discounts. Many automakers are currently offering generous savings, as Trump’s “One Big Beautiful Bill” is set to end federal EV incentives at the end of September.
According to Cox Automotive’s latest EV Market Monitor report, EV incentives reached a record of nearly $8,500 in June, or about 15% off the average transaction price (ATP).
That’s more than double the incentives offered on gas-powered vehicles. Seven electric vehicles had an ATP below $40,000, including the Chevy Equinox EV. The Equinox EV was the top-selling EV in the price range.
Starting at just $34,995, GM calls it “America’s most affordable 315+ range EV.” The electric Equinox has already propelled Chevy to become the number two EV brand in the US behind Tesla.
Through the first half of the year, the Chevy Equinox EV accounted for nearly a third of GM’s electric vehicle sales. And it could have sold even more. A dealer in California reached out to Electrek, claiming they had to wait over a month to receive Equinox EV models. It’s now on track to be among the top three selling EVs in the US.
Which EV to lease: Chevy Equinox EV or Hyundai IONIQ 5
With leases starting at just $289 per month, it’s no wonder the electric SUV is flying off the lot. The offer is for 24 months with $3,909 due at signing.
Alternatively, you can opt for 0% APR financing for 60 months, which Chevy is offering on all 2025 electric vehicle models.
| 2025 Chevy Equinox EV trim | Starting Price | EPA-estimated Range | Monthly lease Price (August 2025) |
| LT FWD | $34,995 | 319 miles | $289 |
| LT AWD | $40,295 | 307 miles | $351 |
| RS FWD | $45,790 | 319 miles | $416 |
| RS AWD | $49,090 | 307 miles | $453 |
The base 2025 Chevy Equinox EV LT starts at $34,995 with up to 319 miles of range. The interior boasts up to 57.2 cu ft of space and a 17.7″ infotainment screen.
How does it compare to the IONIQ 5? Hyundai has upgraded its best-selling electric SUV with major improvements, including increased range (now up to 318 miles), a revamped interior and exterior, and a built-in NACS port to access Tesla Superchargers.
After cutting lease prices again last month, the new and improved 2025 Hyundai IONIQ 5 is now listed at just $179 per month.
In some places, such as California and other ZEV states, Hyundai is offering leases starting at as low as $159 per month.
However, that’s for the base SE mode, which has an EPA-estimated driving range of 245 miles. The longer-range IONIQ 5 SE RWD, with 318 miles range, can still be leased for just $199 per month right now. Both offers are for 24 months with $3,999 due at signing.
| 2025 Hyundai IONIQ 5 Trim | EV Powertrain | Driving Range (miles) | Starting Price* | Monthly lease price August 2025 |
| IONIQ 5 SE RWD Standard Range | 168-horsepower rear motor | 245 | $42,500 | $179 |
| IONIQ 5 SE RWD | 225-horsepower rear motor | 318 | $46,550 | $199 |
| IONIQ 5 SEL RWD | 225-horsepower rear motor | 318 | $49,500 | $209 |
| IONIQ 5 Limited RWD | 225-horsepower rear motor | 318 | $54,200 | $309 |
| IONIQ 5 SE Dual Motor AWD | 320-horsepower dual motor | 290 | $50,050 | $249 |
| IONIQ 5 SEL Dual Motor AWD | 320-horsepower dual motor | 290 | $53,000 | $259 |
| IONIQ 5 XRT Dual Motor AWD | 320 horsepower dual motor | 259 | $55,400 | $359 |
| IONIQ 5 Limited Dual Motor AWD | 320-horsepower dual motor | 269 | $58,100 | $299 |
Hyundai is also throwing in a complimentary ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5. All IONIQ 5 trims are listed with 1.99% APR financing for up to 60 months.
The 2025 Hyundai IONIQ 5 offers up to 59.3 cu ft of cargo space with a dual 12.3″ driver display and infotainment system setup.
Both the Hyundai IONIQ 5 and Chevy Equinox EV are hard to pass up right now, with lease prices expected to be as low as they will ever be.
Looking to snag the savings while they last? You can use our links below to find offers on the Chevy Equinox EV and Hyundai IONIQ 5 near you.
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Nissan has officially confirmed the icon will be making a comeback. Although Nissan is no longer building GT-R models, CEO Ivan Espinosa said Godzilla will “evolve and reemerge” in the future. Here’s what we know so far.
Nissan confirms the GT-R will evolve and reemerge
It seems like we’ve been talking about the next-gen Nissan GT-R for years now. After the last model rolled off the production line at the automaker’s Tochigi plant in Japan on Tuesday, Nissan’s CEO made it clear that the GT-R will be making a comeback.
After bidding farewell to the R35, Espinosa gave the many GT-R fans worldwide hope, saying, “I want to tell you this isn’t a goodbye to the GT-R forever.”
He added that it’s Nissan’s “goal for the GT-R nameplate to one day make a return.” Although this is the end of the line for the R35, the company remains committed to the GT-R nameplate and wants to “reimagine it for a new generation.”
According to Espinosa, Nissan doesn’t have any finalized plans yet, but he promised that “the GT-R will evolve and reemerge in the future.”
Nissan says the next Godzilla will ensure the GT-R’s legacy lives on, but will pack even more performance. The big question is, what type of powertrain will it arrive with? Will it be electric? A hybrid? Or, will it still be gas-powered?
At the New York Auto Show in April, Ponz Pandikuthira, Senior Vice President and Chief Planning Officer for Nissan North America, told The Drive that the next GT-R will be a hybrid, rather than an all-electric.
However, Nissan previewed an electric GT-R a few years ago with the Hyper Force EV concept. The electric sports car concept was promoted as a “game-changing hyper EV” with over 1,300 horsepower (1,000 kW).
All that power is expected to come from solid-state batteries. Just last week, Nissan secured a partnership with LiCAP Technologies to produce all-solid-state EV batteries on a mass scale, one of the biggest hurdles to getting the new technology to market.
Since Nissan aims to launch its first EV powered by solid-state batteries in 2028, we could see the GT-R reemerge as a plug-in hybrid until the technology is ready.
Either way, it will likely be a few years before we see an electrified Godzilla. If it evolves into an EV or hybrid, it remains up in the air for now.
While Nissan says an all-electric GT-R won’t deliver the performance needed to live up to the nameplate, others are proving otherwise. BYD’s first electric supercar, the Yangwang U9, set a new EV speed record this week after hitting nearly 300 mph.
How do you feel about it? Should the GT-R go all-electric? Or will Nissan settle for a hybrid? Drop us a comment below and let us know which one you’d buy.
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