Porsche 718 EV may be delayed due to Northvolt bankruptcy
Northvolt's bankruptcy could disrupt the schedule for electric vehicles, including models from Audi and Porsche. A report suggests that the upcoming Porsche 718 EV may be delayed due to battery issues and/or powertrain issues. Audi's PPE-based electric cars also rely on Northvolt batteries, but backup suppliers reduce risk. Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the United States last month, a major setback for Europe's efforts to reduce its reliance on Chinese battery suppliers. The move is intended to restructure debt and secure new funding. While the process is expected to be completed early next year, the company said it will be business as usual for the time being. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("0f7e3106 -c4d6-4db4-8135-c508879a76f8"); } else { adpushup.triggerAd("82503191-e1d1-435a-874f-9c78a2a54a2f"); Behind the scenes, however, Handelsblatt reports that several carmakers may have to postpone future models due to problems with Northvolt. The upcoming all-electric Porsche 718 replacement is…
Sweden’s Northvolt cancels bankruptcy filing
var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); BMW canceled a $2 billion battery order with Northvolt in June. The company has only $30 million in available cash, just enough to last a week. Northvolt's chief executive says it needs more than $900 million to secure its financial position. Swedish electric vehicle battery maker Northvolt has filed for Chapter 11 bankruptcy protection but will continue to operate throughout the process. The company revealed that it had only $30 million in available cash, just enough for a week. The company added in its bankruptcy filing that it has $5.84 billion in debt but believes it can complete the restructuring by the first quarter of 2025. The company has secured $245 million in bankruptcy financing, including a $100 million loan from Swedish truckmaker Scania, Northvolt's single largest customer and major shareholder. Read: Volvo asks Swedish government for $1.2 billion to…
Spirit Airlines declares bankruptcy
discount carrier spirit airlines Files for Chapter 11 bankruptcy after failed merger attempt Frontier Airlines. The company announced on November 18 that it would seek debt restructuring under U.S. bankruptcy law but intended to continue operating flight operations. A few days ago, Spirit reported that its most recent operating margin fell by about 12% "due to lower total operating revenue and higher total operating expenses." Higher fares for budget travelers Spirit said in an open letter to shareholders that filing for bankruptcy would "set the company up for success." "We expect to complete this process by the first quarter of 2025 and be in a better position to provide the best value in the air," the letter said. "Other airlines currently operating successfully have adopted similar processes." "The most important thing is that you can continue to book and fly now and in the future," the statement stressed. CEO and founder Jesse Neugarten said bankruptcy "could spell trouble for budget-conscious…
Fisker bankruptcy plan approved, no fees for owners
The bankrupt electric car startup held multiple meetings with creditors and owners to reach a deal go through Brad Anderson 14 hours ago The automaker has not yet sold its Austria-based assets or intellectual property. A New York-based rental company will buy the automaker's remaining inventory of Ocean SUVs. The Fisker Owners Association said it was pleased with the results. A court in Wilmington, Del., has approved Fisker's bankruptcy liquidation plan, although it took last-minute negotiations to get the judge's approval. A key part of the liquidation is Fisker selling about 3,000 Ocean SUVs in its inventory to American Lease, a New York-based company that leases Uber and Lyft vehicles. The company will pay $46.25 million for the vehicles. However, in order to be able to move basic data and support services to the new server, American Lease has agreed to pay an additional $2.5 million over five years for future technical support services. Read: Fisker left their headquarters filled…
Hoonigan seeks bankruptcy protection with $1.75B in debt
Automotive entertainment and after-sales parts business The company best known for the Gymkhana video starring Ken Block announced on September 9 that it had filed for Chapter 11 bankruptcy protection in a Delaware court. Hoonigan said it has entered into a restructuring agreement with most of its creditors, which it expects to eliminate about $1.2 billion from its current debt totaling $1.75 billion. The company also plans to secure up to $570 million in new capital. The company said it expects its operations to continue as normal during this process and all unsecured creditors should be paid in full. Hoonigan, owned by private equity firm Clearlake Capital, accumulated much of its debt in the years following the pandemic through a series of acquisitions aimed at rapidly expanding its business. It all started when aftermarket wheel giant Wheel Pros acquired the original Hoonigan in 2021, along with several other companies including throtl and Transamerican Auto Parts, and the combined entity was…
Hoonigan files for bankruptcy after stock price drops to $1.2 billion
The company said it aims to eliminate debt and secure $570 million in new capital go through Brad Anderson 17 hours ago Once a rising star, Hoonigan filed for bankruptcy with debts of $1.2 billion. A merger with Wheels Pro in 2021 and subsequent acquisitions exacerbated its woes. Despite the challenges, the company expects to emerge from bankruptcy within two months. Hoonigan, founded by Ken Block, filed for Chapter 11 bankruptcy protection in Delaware with $1.2 billion in debt, but the brand is still hoping to get new funding and survive. Hoonigan has a pretty complicated recent history. After operating independently for many years, it merged with Wheels Pro, a company that designs and sells aftermarket wheels, tires, and accessories, in September 2021. Wheels Pro has been owned by private equity firm Clearlake Capital since April 2018, and during that time and during the merger with Hoonigan, Wheels Pro acquired Gorilla, ReadyLift, MHT Luxury Allows, ZBroz, and TSW. WATCH: See…
Recaro Automotive files for bankruptcy | ClassicCars.com Journal
The world's most famous car seat manufacturer No money left. On Monday, July 29, German Automotive Weekly reported that Recaro Automotive has filed for bankruptcy with the German District Court of Esslingen. Recaro Automotive GmbH reportedly has 215 employees at its plant in Kirchheim, Teck, Germany. Autocar reported that employees were caught off guard and were not made aware of the bankruptcy filing beforehand. “We want to exhaust all options to save jobs and find sustainable solutions,” Germany’s main trade union IG Metall said, according to Automotive Weekly. Recaro Automotive is the only division to file for bankruptcy. The company's business is fragmented and complex. Recaro also makes aircraft, office and gaming chairs, and baby seats. These products are all from different divisions and are not affected by the bankruptcy filing. Johnson Controls acquired the Recaro Automotive division in 2011. In 2016, Johnson Controls changed its name to Adient and subsequently sold Recaro Automotive to Detroit-based private investment firm Raven…
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