The recent news of the bankruptcy of Northvolt, the promising Swedish battery company, has left me with a bitter taste in my mouth. This is not just the failure of a company, but a worrying symptom of European weakness in a strategic sector for the future of mobility: the manufacturing of batteries for electric vehicles.
Founded in 2016 with the ambitious vision of challenging Asian dominance in the battery market, Northvolt represented hope for the European automotive industry. The promise of a local battery supply, crucial to the competitiveness of European electric car manufacturers, is fading with this bankruptcy. In a context where Europe barely manufactures 3% of the world's batteries, the dependence on China becomes even more evident and worrying.
Northvolt's story is an example of the difficulties faced by European companies in this sector. Despite investment and technological development, the company was hit by technical problems that prevented it from meeting demand. The loss of a crucial $2.2 billion contract with BMW last year was a severe blow, compounded by an accumulated debt of $5.8 billion. Ultimately, the company was forced to file for bankruptcy (Chapter 11 in the United States), leaving its 5,000 employees in a precarious situation and an uncertain future.
This case forces us to reflect on Europe's competitiveness in the race to electrify transport. While Chinese companies dominate the market with an iron fist, investing massively in R&D and constantly launching new battery technologies with improved performance, Europe seems to be lagging behind. The European Commission's ambition to reach 25% of the battery market by the end of this decade increasingly sounds like some sort of fairy tale if concrete and decisive measures are not taken.
Grandiose statements about market targets without concrete plans on how to achieve them are just empty words. We need realistic strategies, with public and private investment, that drive innovation, job creation, and the development of a robust supply chain in Europe. Otherwise, we will continue to depend on external suppliers, with the geopolitical and economic risks that this entails.
The bankruptcy of Northvolt should not be seen as an isolated event, but as a warning sign. A change of course is needed, a decisive commitment to the European battery industry, which includes:
. Greater investment in R&D: We cannot compete with China if we do not invest in research and development of new battery technologies. Europe needs to promote innovation in materials, manufacturing processes, and energy storage systems.
. Facilitate private investment: It is essential to create a favorable environment for private investment in the sector, with tax incentives, simplified bureaucratic procedures, and access to financing.
. Boost the development of electric cars in European countries, adapting European industrial capacity.
. Developing a European supply chain: We must reduce dependence on external suppliers by promoting the production of raw materials, components, and equipment needed for battery manufacturing in Europe.
. Training skilled personnel: The energy transition requires a skilled workforce. Investment is needed in training and education programs that prepare workers for the jobs of the future in the battery sector.
The transition to electric mobility is a historic opportunity for Europe. But to seize it, we need to act with determination and perseverance. The Northvolt bankruptcy must serve as a call to action to build a strong, competitive, and sustainable European battery industry.
I sincerely hope I'm wrong, but without a change of course, the future of electric mobility in Europe will continue to depend on decisions made on other continents.
And if not, just wait and see.
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