ICE or EV?

This transition is going swimmingly well…wouldn’t you agree?...

Leading EV-Battery Producer Considers Bankruptcy as Crisis Deepens

Northvolt, a Swedish company once seen as a cornerstone of Europe’s battery production efforts, is in crisis.

Reports indicate the company is evaluating bankruptcy options, including filing for Chapter 11 protection under U.S. law. This would allow Northvolt to restructure its debts while continuing operations.

The company faces a funding gap of approximately $920 million USD, according to Boosted.

Efforts to secure new capital have reportedly stalled, leaving the firm’s future uncertain.

According to Financial Times, some investors have already written off their stakes in the company, signaling a lack of confidence in its recovery.

Leading EV-Battery Producer Considers Bankruptcy as Crisis Deepens

The Federal EV Tax Credit Will Be Eliminated By Trump Administration

President-elect Donald Trump's transition team is reportedly planning to eliminate the $7,500 federal tax credit for electric vehicle purchases as part of a larger tax reform effort.

The most recent version of the credit was introduced as part of President Joe Biden's Inflation Reduction Act to encourage EV adoption and is now in the crosshairs of an energy-focused policy group, Reuters reports. The group is headed by billionaire oilman Harold Hamm and North Dakota Governor Doug Burgum.

Ending the tax credit will significantly impact already slow electric vehicle uptake.

The Federal EV Tax Credit Will Be Eliminated By Trump Administration

Shareholders should oust the fools who led them down the road to ruin….Companies should make money not virtue signal their way into bankruptcy….

Ford to cut 14% of European jobs, blaming EV shift and rising competition

Ford said on Wednesday it would cut around 14% of its European workforce, blaming significant losses in recent years compounded by weak demand for electric vehicles, a lack of government support for the shift to EVs, and rising competition.

The U.S. company is the latest automaker after Nissan, Stellantis and GM to cut costs as the industry struggles with growing competition from Chinese rivals in Europe, waning demand in China, and the challenges of shifting to EVs that remain too expensive for most consumers to buy.

Ford to cut 14% of European jobs, blaming EV shift and rising competition

This is the product of stupid government intervention in the free markets..job losses and economic carnage…Stay on course and only bad things happen…

Ford cuts 800 jobs amid fears of ‘irreversible damage’ from electric car rules

On Wednesday night Nissan called for “urgent action” from the Government, warning that failure to change course would do “irreversible” damage to the British manufacturing industry.

“The mandate risks undermining the business case for manufacturing cars in the UK, and the viability of thousands of jobs and billions of pounds in investment,” Nissan’s Guillaume Cartier said.

“We now need to see urgent action from the Government by the end of the year to avoid a potentially irreversible impact on the UK automotive sector.”

The company pointed out that manufacturers likely to benefit from the trading scheme do not make cars in Britain, “UK, meaning the UK automotive industry will effectively be subsidising EV sectors in other countries, at the expense of investment in Britain”.

Ford cuts 800 jobs amid fears of ‘irreversible damage’ from electric car rules

Ionic 9 3-row SUV babeeeeeeee….

That thing looks like a hearse. The Kia version looks way better

Same thing with the ICE versions: Kia Telluride >> Hyundai Palisade

Wise government investments have created Millions of green jobs!!! Wait…what?....

Northvolt CEO resigns as Europe’s big hope for a battery champion files for bankruptcy

· The chief executive of Northvolt stepped down on Friday, shortly after the Swedish battery maker filed for Chapter 11 bankruptcy protection in the U.S.

· Peter Carlsson, who co-founded Northvolt and led the company since its inception in 2016, will step aside to take on a role as senior advisor. He remains a member of the firm’s board.

· On Thursday, the company sought bankruptcy protection in the U.S. to allow it to restructure its debt, scale back its business and secure a sustainable foundation for its continued operation.

Northvolt files for bankruptcy in setback to Europe's EV ambitions