CATL/Pan: We Do Not Plan to Invest in Northvolt AB

Foreks - In an interview with Frankfurter Allgemeine Sonntagszeitung, Pan Jian, co-founder of Contemporary Amperex Technology Co. (CATL), the world's largest electric vehicle battery manufacturer, stated that they do not plan to invest in the Swedish company Northvolt AB. Pan Jian emphasized that investing in Northvolt is "not a priority" for them. He mentioned that the two companies had discussed a licensing model similar to CATL's partnership with Ford Motor Co. over the last six months. According to the newspaper, this was before the Chinese company became aware of the seriousness of Northvolt's financial situation. Pan noted, "We did not know they were in such financial trouble. If Northvolt had reached out one or two years ago, it would have been easier since they would have been financially stable."