Parent company of Quebec EV project files for bankruptcy protection, CEO resigns

https://tnc.news/2024/11/27/parent-company-quebec-ev-project-bankruptcy/

Northvolt AB said it still plans to go ahead with constructing its electric vehicle battery manufacturing plant in Quebec, despite its parent company filing for bankruptcy in the United States and the CEO recently resigning.

Co-founder and CEO Peter Carlsson resigned on Tuesday with the company’s chief financial officer Pia Aaltonen-Forsell taking over as interim CEO.

Northvolt would require between $1 billion and $1.2 billion in fresh funding to stabilize its finances and survive the bankruptcy, according to Carlsson.

The Quebec project had already been delayed for nearly a year while it underwent a strategic review of its future operations after receiving $7.2 billion worth of taxpayer money.

Despite the bankruptcy filing and with the global market for EVs continuing to dwindle, the Swedish battery manufacturer said it intends to go ahead with the Quebec project anyway.

It said its Canadian subsidiary is financed separately and “will continue to operate as usual outside of the Chapter 11 process.” Continue…

The Ye-Xi Clique: Probing the Kingmaker Clan and CCP-Triad Network Behind Xi's Rise in Fujian

https://www.thebureau.news/p/the-ye-xi-clique-probing-the-kingmaker

This is the first in a series of podcast discussions with Christopher Meyer, a former U.S. official and China expert. Meyer now investigates the same Communist Party influence networks covered by The Bureau and explored in my first book, Wilful Blindness.

Currently, Meyer serves as the head of the U.S. Micronesia Council and is the founder of WideFountain, a platform for in-depth geopolitical analysis.

A passionate China observer since age 16, Meyer studied East Asian Studies at George Washington University, where he wrote a thesis on the geopolitical dimensions of China’s Special Economic Zones.

His career includes:

Five years in sales and marketing with a U.S. Fortune 500 company.

Service in the U.S. diplomatic corps as an Asia expert at the Development Finance Corporation (DFC).

Consulting on U.S. government projects, particularly in Micronesia.

Founding an edtech company, patenting innovative products, and building supply chains in Taiwan and China.

In 2018, Meyer began focused research into Chinese strategic corruption and political warfare, deepening his expertise in CCP influence operations.