European battery manufacturers and energy storage companies are also facing difficulties

In addition to Chinese companies, European battery manufacturers and energy storage companies are also going through a difficult period. ACC announced the suspension of two battery plant construction projects in Germany and Italy; BASF stopped its nickel-cobalt cooperation project with French mining company Eramet; Northvolt, Europe's largest battery manufacturer, not only announced the suspension of a factory construction, but also decided to lay off 1,600 employees. These cases show that European energy storage and battery companies are also facing major challenges.