A subsidiary has already had to turn some around. Today it may be all over for the crisis-hit car battery manufacturer Northvolt.
It started when BMW withdrew an order for a total of DKK 14 billion earlier this year. Maybe even for that. And today, Northvolt may go bankrupt.
On Monday, the factory with headquarters in Skellefteå must pay a tax bill of several hundred million kroner.
If this does not happen, the authorities can file for bankruptcy of the entire enterprise, of which Volkswagen is one of the largest owners. However, Volkswagen has already said that it will not pump more money into the factory.
Specifically, Northvolt has to pay a tax bill of 188 million Danish kroner today. But there is more than 'just' debt to the Swedish treasury.
– I have got the impression that there is external debt in the order of 1.5-2.0 billion to external parties, curator Jonas Premfors tells Dagens Industri .
READ ALSO: Crisis in Formula 1 – car brand withdraws completely from the sport
On Tuesday last week, Northvolt Ett Expansion AB, which was responsible for the operation of the parent company's many buildings and the factory itself in Skellefteå, was petitioned for bankruptcy at the commercial and commercial court in Stockholm. There are many indications that the parent company is heading in the same direction.
If Northvolt goes bankrupt, it will not just leave a billion in debt. But several subcontractors will be in a very difficult situation.
– We don't really know yet how much we are losing, but it is a very significant amount. It is definitely about millions of kroner. That's how it is, says Per Greus, regional manager of the Skellefteå company Markbyggarna to Dagens Industri.
Another company, Titan Konstruktion, has already succumbed and is now attempting a reconstruction because Northvolt owes more than DKK 130 million on that account alone.
However, others also believe that Northvolt is not quite as much to blame for its own problems as it appears from the outside. China may have sabotaged the whole thing. Read more about it here .
Read more exciting news from and about the world of cars right here!
