Northvolt in trouble, losses widen in 2023, considering scaling back global expansion plans

Northvolt, a Swedish power battery manufacturer known as the "European CATL", suffered increasing losses in 2023 and is considering reducing its global expansion plans. Northvolt's net loss in 2023 increased sharply to $1.168 billion, nearly four times the $285 million in 2022. Despite a slight increase in revenue, from $107 million in 2022 to $128 million, large-scale investment led to increased losses.