Battery Maker Northvolt Warns of Potential Delays to Canada Plant Amid Strategic Review

Published on September 10, 2024

Swedish electric vehicle battery maker Northvolt has signalled possible delays in building its Quebec plant, saying a strategic review has highlighted challenges in the current economic climate. Last September, Northvolt announced plans to build an electric vehicle battery manufacturing facility on Montreal’s south shore, with the federal and Quebec governments pledging billions in subsidies for the project. However, the company says the timeline for this project may be revised following a strategic review that began in July, which is focusing on constructing a new lithium-ion battery gigafactory in Sweden. “With the strategic review now underway, we are having to take some tough actions for the purpose of securing the foundations of Northvolt’s operations to improve our financial stability and strengthen our operational performance,” Peter Carlsson, co-founder and CEO of Northvolt, said in a Sept. 9 press release....

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