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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Hyundai’s electric fastback is getting a fresh new look. Just a week after unveiling the redesigned IONIQ 6, we are already getting our first look at it out in the real world. Hyundai’s new IONIQ 6 was spotted driving in Korea, and from the looks of it, this could be a major upgrade.
Hyundai’s new IONIQ 6 looks sleek on the road
Launched in 2022, Hyundai’s “Electrified Streamliner” was expected to challenge the Tesla Model 3 as one of the few electric sedans on the market.
Prices start at under $38,000, and with up to 342 miles of driving range (EPA-est), the IONIQ 6 arrived as one of the most efficient EV options. A Boston Consulting Group report last year even found it to be the only EV that met buyers’ price, range, and charging expectations.
Despite the impressive specs and unique new design, Hyundai’s electric car has failed to live up to expectations. Will a redesign spark some life into the EV?
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Hyundai unveiled the new IONIQ 6 at the Seoul Mobility Show last week, with a few noticeable design changes. With a new ducktail spoiler, the profile is smoother and more natural-looking, which was one of the biggest complaints.
The front and rear are redesigned with slim LED DRLs and main headlamps. Hyundai claims it “enhanced every line and detail to make the IONIQ 6 simpler and more progressive.”
After the new model was spotted driving for the first time in Korea, we are already getting a sneak peek at Hyundai’s refreshed IONIQ 6 on the road.
Hyundai’s new IONIQ 6 spotted driving in Korea for the first time (Source: HealerTV)
The new video from HealerTV gives us a good look at the changes from all angles. The rear spoiler has been upgraded to have a sportier overall look. The new, slim DRLs are a good touch, adding to its aggressive face.
Hyundai also updated the interior with a redesigned steering wheel and better materials on the door trim for “a more premium feel.” Other improvements include a more functional center console and a larger climate control display.
A new IONIQ 6 N will finally join the lineup. Hyundai teased the sporty new N model with an even more aggressive design based on the RN22e Rolling Lab concept.
Although more details will be revealed closer to its launch, we expect other improvements pulled from the 2025 IONIQ 5, like an added NACS port and potentially even more driving range.
What do you think of the new IONIQ 6? Do you like the redesign, or is it still not enough? Let us know your thoughts in the comments below.
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The 2025 Dodge Charger Daytona EV came in hot – and expensive – when it launched at the end of 2024 with no official rebate. But that’s just changed.
The 2025 Dodge Charger Daytona EV starts at $66,990 including the destination fee. But the actual cost of this luxury muscle car is $78,680 including all the required packages.
And as of April 1, it now comes with a $6,500 National Retail Consumer Cash rebate.
Stellantis Financing continues to offer a special financing rate of 1.9% APR for 72 months, but unfortunately, that can’t be combined with the $6,500 rebate, so you have to choose one or the other.
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If you’re interested in leasing a Charger Daytona EV, then you can get $7,500 in lease cash from Stellantis Financial. Stellantis also offers Chrysler employee pricing to the public, but it can’t be stacked with rebates. How employee pricing works is, dealer pricing is 5% below the dealer invoice and a $200 program fee, plus you can’t haggle over pricing.
CarsDirect notes that the 2024 model still has the best deals on a Dodge Charger Daytona EV, with four options on the table:
0% APR financing for 72 months plus $3,000 in bonus cash
$7,500 National Retail Consumer Cash in addition to $3,000 in bonus cash
$2,000 Conquest Bonus Cash deal in select regions like the West Coast
$7,500 in lease cash plus $6,000 in bonus cash for those who want to lease
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Although the EV2 is Kia’s smallest EV, it won’t feel so small when sitting in it. Kia designed the open interior to give you an escape from the city. After sharing new details at Milan Design Week on Thursday, Kia gave us a closer look at the EV2 inside and out. The new interior design could see its way into future Kia EV models.
Kia EV2 interior is small but flexible
At Milan Design Week 2025, Kia held an exclusive exhibition for its upcoming EV models. The Concept EV2 was showcased alongside Kia’s first electric van, the PV5, and a rugged PV5 WKNDR concept.
Kia revealed new details about the EV2’s interior and what we can expect to see when it arrives. Inspired by a “picnic in the city,” the cabin is designed to feel as open and flexible as possible.
Like a balcony or porch, which offers a relaxing retreat from busy city life, Kia wants the EV2 to have a similar feel. Thanks to its flat-floor layout, the interior can open up with flexible seating. The second-row seats can fold up while the front seats slide up to provide an open space—you know, where you might want to have a picnic.
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Kia Concept EV2 interior (Source: Kia)
Kia added a few extras like integrated speakers in the headrest, portable door speakers, detachable seat cushions, extendable seats, and pop-up luggage dividers for your next adventure.
Even with the fun features, Kia focused on sustainability. The interior introduces environmentally conscious materials like Simplifyber Fybron™, AmpliTex, and biodegradable mycelium components.
Kia said the new design elements showcase its vision for future EV interiors. More details will be shared closer to the launch, but the EV2 is expected to include Kia’s new ccNC infotainment system.
As shown in the concept, the system features a curved display with dual 12.3″ driver and infotainment screens. Despite being an entry-level model, the EV2 will have advanced features like vehicle-to-load (VTL) to power up electronics or home appliances. It will also get smarter and more advanced over time with OTA updates.
Last month, we got our first look at Kia’s entry-level electric SUV on the road in Korea with a Soul-like design. Kia will launch the EV2 in Europe and other global markets next year.
Like other Kia electric models based on Hyundai’s E-GMP platform, the EV2 is expected to arrive with a WLTP range of at least 300 miles (605 km). Although prices will be revealed closer to launch, the EV2 is expected to start at around 30,000 euros ($33,000), but that could change in another year or so.
How do you feel about the Kia EV2? Would you buy one for around 30,000 euros ($33,000)? Let us know in the comments. We should learn more soon. We’ll keep you updated with the latest.
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