On October 10, Caixin News (Editor Zhao Hao) reported that Northvolt, Europe's largest battery company and Swedish power battery company, announced that the person in charge of its flagship factory, Northvolt Ett, will resign.

Northvolt is one of Europe's most valuable private technology companies, with partnerships with major European auto manufacturers like Volkswagen, volvo ab unsponsored adr class b, etc., often referred to as the 'Contemporary Amperex Technology of Europe.' The Northvolt Ett super factory is located in Skellefteå, northern Sweden, near the Arctic Circle. It is the first domestic lithium-ion battery super factory in Sweden and Europe.

On Wednesday (October 9) local time, Northvolt announced in a statement that the position of CEO Mark Duchesne of the Ett super factory will be temporarily replaced by Angeline J. Bilodeau, Vice President of Business Operations in North America. Northvolt added that this position will be held until the end of this year as the company is looking for a permanent replacement. The day before, Northvolt Ett Expansion AB, a subsidiary in charge of the Ett expansion project, filed for bankruptcy in the local court.

Northvolt also mentioned that this position will remain until the end of the year as the company is looking for a permanent replacement. The day before, Northvolt Ett Expansion AB, a subsidiary responsible for the Ett expansion project, filed for bankruptcy in the local court.

Two weeks ago, Northvolt announced on its official website that the company plans to lay off 1,600 employees in Sweden, about one-fifth of its global workforce, and slow down the expansion of its R&D department. The press release stated that this action is to 'ensure resources are focused on accelerating the mass production of batteries at the Ett factory.'

Analysis indicates that these signs suggest that the 'Contemporary Amperex Technology in Europe' is facing deeper financial troubles. In June, there were reports that BMW withdrew a 2 billion euro order for car batteries, as Northvolt could not meet the supply contract signed in 2020 on time.

Today, Swedish auto manufacturer Volvo AB Unsponsored ADR Class B announced that the company is adjusting its management team, with Chief Commercial Officer and Deputy CEO Bjorn Annwall set to resign. Previously, Volvo abandoned its recent goal of selling only electric cars, citing the need to be 'pragmatic and flexible'.

Last month, Europe's largest auto manufacturer Volkswagen stated that the company is considering closing factories in Germany to further reduce costs. Stellantis also announced that there may be more layoffs in certain countries.

Analysis points out that weak market demand has become one of the major reasons for the current global downturn, especially in the European auto industry.

According to data from the European Automobile Manufacturers Association (ACEA), in August, pure electric car sales in Europe fell by 43.9% year-on-year, marking the fourth consecutive month of decline, with a 22.3% decrease in plug-in hybrid electric car registrations.