Super startup Northvolt, the West's last hope for "Showing the Chinese How to Make Batteries", succumbed to bankruptcy.
The documents say that as of Thursday morning, the company has $ 30 million in accounts and in cash, which, literally, "will not be enough for operational activities for the next week." And yes, they invested 15 billion dollars there. Among investors: Volkswagen, Goldman Sachs and BlackRock, plus government subsidies from Germany and Canada.
They screwed up everything - overestimated their abilities and potential, believed the unrealistic promises "we are about to develop technologies and tear everyone up" (see "fake it until you make it" ), the management was slow and rigid, and the graft, apparently was off the charts.
They had so many hopes. "Yes, the Swedes! Let them crush the Chinese! Yes, Swedes are the real technological giant! Yes, investments! Yes, Scandinavian quality! Yes, the Chinese are doomed!"
Yeah, that's right...
The question "What happened to the Elon Musk's fairy-tale factory, which was positioned to produce 40% of the world's batteries?" has not been asked for a while. Now the time has come to say good-bye to the 'Nordic volt" as well.
