VW, the biggest shareholder of the Swedish battery startup, has written down the stake significantly, sources told Reuters. But it will not affect the automaker’s earnings, as writedowns began prior to the Chapter 11 filings, a source said. (Reuters)

Talking point: Investors seem pessimistic about Northvolt’s fortunes heading into the end of the year. The company last week filed for bankruptcy protection at a time when Europe’s electric-vehicle market has soured, and has struggled to scale-up to compete with Asian rivals. VW is the most significant shareholder yet to write down its stake, following investors like Sweden’s AMF, Scotland’s Baillie Gifford and Goldman Sachs. The bank could slash its US$900 million stake in Northvolt to zero this year, according to the Financial Times. VW subsidiary Scania, which makes trucks, has been one of the key lifelines for Northvolt as it struggled to find funding over the past few months, offering the troubled battery startup a US$100 million loan to weather the bankruptcy protection process.