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It was supposed to be the poster child of Europe's electric car future. Instead, it filed for bankruptcy this week, a poetic end to a company which has become synonymous with Europe's "green" debacle.

For Swedish startup Northvolt AB, the route to collapse started in June when BMW AG canceled a multi-billion order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate in a Chapter 11 filing less than six months later.

As Bloomberg details, Northvolt scrambled to keep the financing flowing, but as Germany’s car industry fell deeper into a historic crisis, precipitated by a flood of cheap Chinese EV imports in the past three years... . .

Source (zerohedge.com)

>It was supposed to be the poster child of Europe's electric car future. Instead, it filed for bankruptcy this week, a poetic end to a company which has become synonymous with Europe's "green" debacle. >For Swedish startup Northvolt AB, the route to collapse started in June when BMW AG canceled a multi-billion order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate in a Chapter 11 filing less than six months later. >As Bloomberg details, Northvolt scrambled to keep the financing flowing, but as Germany’s car industry fell deeper into a historic crisis, precipitated by a flood of cheap Chinese EV imports in the past three years... . . [Source](https://www.zerohedge.com/markets/poster-child-europes-electric-car-future-just-filed-bankruptcy-after-burning-through)
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[–] • 2 pts

told investors that its investment in Northvolt was worth 4.29 times what it had paid for it,

When you're playing in an industry that's been showing (all year!) how poor and unstable it is, not selling off your investment at a profit of 4x should be treated as fraud.

This is like the housing crash - it was obvious that things were on shaky ground, even if you were just looking at the consumer end of it. Say nothing of the tranche warfare banks were waging on investors.