Collapse There was a shocking news related to the British automotive and battery industry in the beginning of 2023. Britishvolt collapsed in January 2023, and owed as much as £120m […]
There was a shocking news related to the British automotive and battery industry in the beginning of 2023. Britishvolt collapsed in January 2023, and owed as much as £120m to creditors. Britishvolt is a UK startup manufacturer of lithium-ion batteries. The company initially planned production of batteries for the automotive industry. It began construction of a gigafactory in northeast England in 2021. However, its construction was stopped in August 2022 due to funding difficulties. After that, we heard the news above.
Of course, there were several reasons why the UK startup was collapsed. One of them is that the UK automotive market in terms of its production is getting worse during three years. In fact, British factories built only 775,014 cars during 2022, the lowest annual figure since 1956. In addition, Vehicle production in the UK was decreased by 9.8% from 2021, and by 41% from 2019.
Therefore, it is very difficult to find its clients, even though Britishvolt might produce lithium-ion batteries. In other words, a battery itself is a not product to sell consumers directly. A battery should be incorporated into other devices. In this sense, entire supply chain is really important to realize the battery market.
Read more of this content when you subscribe today.
