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Volkswagen stakes big on European - made batteries a few yr ago with two massive investment funds in Northvolt , the Swedish producer . Now the car manufacturer ’s € 1.4 billion stakeis worth less than half that , according to Reuters . The write - downs occurred throughout the current financial year as the site at Northvolt drop .
It ’s unclear what Volkswagen ’s current stakes is deserving now , though it ’s unlikely to have risen given the shelling manufacturer’sdecision to register for Chapter 11 bankruptcylast week . Northvolt fought to obviate failure by laying off1,600 employeesin September andselling assetsin November from its acquisition of Cuberg . The company was reportedlyburning through $ 100 million a calendar month , according to Swedish culture medium .
