Volkswagen has written down the majority of its 21 per cent stake in Northvolt over the past year ahead of the Swedish battery maker’s filing for Chapter 11 bankruptcy, according to people close to the German carmaker.
The writedowns by the largest shareholder in Northvolt, which have been done in phases over the past 11 months, are not expected to have any material impact on VW’s financial performance, one of the people said.
But the soured bet on Northvolt marks another headache for VW, which is planning to close several factories in Germany and lay off tens of thousands of employees amid a slowdown in electric vehicle demand and collapsing market share in China.
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