a big charge: Goldman Sachs’ Billion-Dollar EV battery Bet Ends in disaster
Douglas McIntyre, editor-in-chief at Climate Crisis, discusses Goldman Sachs’ billion-dollar loss on Northvolt, a European battery manufacturer that recently filed for bankruptcy. Major automakers like Volkswagen and BMW, which relied on Northvolt, are also facing significant challenges, with VW potentially laying off 30,000 workers in Germany. McIntyre notes that Europe may now need to turn to China for EV batteries, further complicating the region’s efforts to advance its EV industry. This high-stakes investment illustrates the risks inherent in betting on emerging climate technologies.
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