Several of Northvolt’s top shareholders have been cutting or reviewing the value of their holdings in the EV battery maker
Volkswagen, Northvolt’s top shareholder, has significantly written down its 21 per cent stake in the Swedish battery cells maker thatSeveral of Northvolt’s top shareholders have been cutting or reviewing the value of their holdings in the firm, which has kept missing production targets as an expected boom in electric vehicle demand has failed to materialise in Europe.
At the end of 2023, Volkswagen reported the book value of its shareholding in the Swedish firm at €693-million , down nearly a quarter from a year earlier. Volkswagen expects an operating profit margin of 5.6 per cent and net cash flow in the automobile division of €2-billion in 2024. The Financial Times on Saturday reported that funds managed by Goldman Sachs, Northvolt’s second-largest shareholder with a 19.2 per cent stake, would write off their $900-million stake in Northvolt to zero by year-end, citing letters to investors.
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