12.03.2025 15:32
The automotive sector, which is one of the key cornerstones of the global economic war, has been shaken by a major crisis. The battery company "Northvolt," established by Europe as a competitor to China, has officially declared bankruptcy. In an interview with presenter Abdurrahman Yazıcı in the News.com studio, Prof. Dr. İbrahim Güran Yumuşak stated, "The European Union is facing significant challenges in its ability to compete with the Chinese economy in the medium term."
Another significant change has been added to the series of important changes occurring in the automotive industry. The car battery project, which the European Union countries saw as a savior against China's rapidly increasing market share in the global economy and invested billions of dollars in, has collapsed. Europe's hope of competing with China ended with the bankruptcy filing of Swedish battery manufacturer Northvolt.
GREAT DISAPPOINTMENT IN EUROPE
Northvolt's bankruptcy dealt a significant blow to Europe's efforts to reduce its dependence on Asia for electric vehicle battery production. Founded in 2016 by former Tesla executives, the Swedish battery manufacturer Northvolt had received over $15 billion in investments from major investors such as Volkswagen, Goldman Sachs, and BlackRock. However, the company failed to secure additional funding due to rising capital costs, geopolitical instabilities, and supply chain disruptions, leading to its bankruptcy filing.
"EUROPE FACES GREAT CHALLENGES AGAINST CHINA"
Prof. Dr. İbrahim Güran Yumuşak, Dean of the Faculty of Business Administration at Istanbul Sabahattin Zaim University, was a guest of presenter Abdurrahman Yazıcı in the Haberler.com Studio. The automotive industry, which is one of the key cornerstones of the global economic war, has been shaken by a major crisis. Stating that the automotive sector has significant weight in the European economy, Prof. Dr. İbrahim Güran Yumuşak said, "The European Union is facing great challenges in being able to compete with the Chinese economy in the medium term."
"THE US WANTS THE EU TO BE DEPENDENT ON IT"
"The main reason behind the US bringing Ukraine to the agenda and making Russia a kind of trouble for Europe is that. It aims to both stall Europe and make it more dependent on itself rather than Russia. Therefore, I think we will see the stages of this in the upcoming process. There is no common view in this regard within the European Union."