Latest news with #Verkor
Yahoo
07-07-2025
- Automotive
- Yahoo
France's Verkor calls for 'local for local' after Northvolt collapse
The EU must increase its support for electric vehicle battery manufacturers as the bloc's capabilities trail behind those of other global powers, Benoit Lemaignan, CEO of Verkor, told Euronews. 'We are not protected against unfair competition coming from outside the bloc,' he said. 'If you want to sell batteries in Europe, you should localise. If you don't, you should have a mechanism like a border tax to create a level playing field,' he added. Founded in 2020 and now counting around 1000 employees, Verkor is focused on EV battery cell manufacturing and module assembly. Late last year, the firm secured over €2 billion to finance a gigafactory in Dunkirk, with funds provided by the French state, the European Investment Bank, Renault, and Macquarie — among others. The Grenoble-headquartered firm is seeking to prise market share away from competitors, notably seeking to boost homegrown capacity. According to the International Energy Agency (IEA), South Korean firms contribute most heavily to Europe's EV battery manufacturing capacity, with companies like LG Energy Solution, Samsung SDI, and SK On remaining major players. IEA data shows that Korea-headquartered companies make up 74% of Europe's capacity. That's compared to around 14% for domestically-headquartered firms. Chinese EV makers, meanwhile, represent 12% of capacity, with CATL standing out as an industry giant. While these figures count capacity located in Europe, even if it includes non-European-headquartered firms, over 20% of the region's EV battery demand is also met by imported products. Lemaignan said this should be an incentive for Europe to double down on efforts to compete with foreign suppliers. 'There was a lot of hype in 2021 and 2022 and people probably forgot to realise that it takes time to create an industry,' Lemaignan explained. 'We forgot that the Koreans started 30 years ago and the Chinese started 15 years ago…we are in the moment where we need to keep the engagement.' When it comes to overseas firms making products outside of Europe and selling into the market, Lemaignan argued that these competitors are not subject to the same environmental and labour standards, giving them an unfair advantage. On the other hand, when asked about firms with European plants that are headquartered outside the region, he said: 'If you are subsidised by a foreign country, for example the US, and you want to be acting in the European market, you need to respect rules and disclose subsidies so as to not tweak the market.' One of the EU's major instruments against unfair competition is the Foreign Subsidies Regulation (FSR). This legal mechanism means the Commission can investigate firms operating in the bloc that have received financial contributions from non-EU countries. Related Volvo Cars CEO: dual tech for China and the West is new trade reality Sweden's Northvolt files for bankruptcy in blow to Europe's battery sector Earlier this year, battery maker Northvolt filed for bankruptcy in Sweden, dealing a blow to Europe's battery manufacturing ambitions. The Swedish firm had managed to secure $15bn from governments and investors before its downfall, although it found itself hobbled by high capital costs, supply chain disruptions, and shifts in market demand. 'Northvolt was sort of the poster child in this new green tech industry so it raises a lot of questions,' said Lemaignan. 'We are trying to learn from that…Keep the focus on one product, one customer, one factory, before expanding.' Lemaignan said that Verkor may look to expand in France, or perhaps also in Europe or the US, but he noted that this wouldn't happen in the near future. He called for governments to stay firm in their ambitions to phase out combustion engines and support EV battery companies, despite the challenging economic environment. 'It's not because some have struggled,… like Northvolt, that it's the end of the game. Europe needs to keep pushing,' he said.
Yahoo
02-07-2025
- Automotive
- Yahoo
France's Verkor calls for 'local for local' after Northvolt collapse
The EU must increase its support for electric vehicle battery manufacturers as the bloc's capabilities trail behind those of other global powers, Benoit Lemaignan, CEO of Verkor, told Euronews. 'We are not protected against unfair competition coming from outside the bloc,' he said. 'If you want to sell batteries in Europe, you should localise. If you don't, you should have a mechanism like a border tax to create a level playing field,' he added. Founded in 2020 and now counting around 1000 employees, Verkor is focused on EV battery cell manufacturing and module assembly. Late last year, the firm secured over €2 billion to finance a gigafactory in Dunkirk, with funds provided by the French state, the European Investment Bank, Renault, and Macquarie — among others. The Grenoble-headquartered firm is seeking to prise market share away from competitors, notably seeking to boost homegrown capacity. According to the International Energy Agency (IEA), South Korean firms contribute most heavily to Europe's EV battery manufacturing capacity, with companies like LG Energy Solution, Samsung SDI, and SK On remaining major players. IEA data shows that Korea-headquartered companies make up 74% of Europe's capacity. That's compared to around 14% for domestically-headquartered firms. Chinese EV makers, meanwhile, represent 12% of capacity, with CATL standing out as an industry giant. While these figures count capacity located in Europe, even if it includes non-European-headquartered firms, over 20% of the region's EV battery demand is also met by imported products. Lemaignan said this should be an incentive for Europe to double down on efforts to compete with foreign suppliers. 'There was a lot of hype in 2021 and 2022 and people probably forgot to realise that it takes time to create an industry,' Lemaignan explained. 'We forgot that the Koreans started 30 years ago and the Chinese started 15 years ago…we are in the moment where we need to keep the engagement.' When it comes to overseas firms making products outside of Europe and selling into the market, Lemaignan argued that these competitors are not subject to the same environmental and labour standards, giving them an unfair advantage. On the other hand, when asked about firms with European plants that are headquartered outside the region, he said: 'If you are subsidised by a foreign country, for example the US, and you want to be acting in the European market, you need to respect rules and disclose subsidies so as to not tweak the market.' One of the EU's major instruments against unfair competition is the Foreign Subsidies Regulation (FSR). This legal mechanism means the Commission can investigate firms operating in the bloc that have received financial contributions from non-EU countries. Related Volvo Cars CEO: dual tech for China and the West is new trade reality Sweden's Northvolt files for bankruptcy in blow to Europe's battery sector Earlier this year, battery maker Northvolt filed for bankruptcy in Sweden, dealing a blow to Europe's battery manufacturing ambitions. The Swedish firm had managed to secure $15bn from governments and investors before its downfall, although it found itself hobbled by high capital costs, supply chain disruptions, and shifts in market demand. 'Northvolt was sort of the poster child in this new green tech industry so it raises a lot of questions,' said Lemaignan. 'We are trying to learn from that…Keep the focus on one product, one customer, one factory, before expanding.' Lemaignan said that Verkor may look to expand in France, or perhaps also in Europe or the US, but he noted that this wouldn't happen in the near future. He called for governments to stay firm in their ambitions to phase out combustion engines and support EV battery companies, despite the challenging economic environment. 'It's not because some have struggled,… like Northvolt, that it's the end of the game. Europe needs to keep pushing,' he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Euronews
02-07-2025
- Automotive
- Euronews
France's Verkor calls for 'local for local' after Northvolt collapse
The EU must increase its support for electric vehicle battery manufacturers as the bloc's capabilities trail behind those of other global powers, Benoit Lemaignan, CEO of Verkor, told Euronews. 'We are not protected against unfair competition coming from outside the bloc,' he said. 'If you want to sell batteries in Europe, you should localise. If you don't, you should have a mechanism like a border tax to create a level playing field,' he added. Founded in 2020 and now counting around 1000 employees, Verkor is focused on EV battery cell manufacturing and module assembly. Late last year, the firm secured over €2 billion to finance a gigafactory in Dunkirk, with funds provided by the French state, the European Investment Bank, Renault, and Macquarie — among others. The Grenoble-headquartered firm is seeking to prise market share away from competitors, notably seeking to boost homegrown capacity. Foreign firms dominate the European market According to the International Energy Agency (IEA), South Korean firms contribute most heavily to Europe's EV battery manufacturing capacity, with companies like LG Energy Solution, Samsung SDI, and SK On remaining major players. IEA data shows that Korea-headquartered companies make up 74% of Europe's capacity. That's compared to around 14% for domestically-headquartered firms. Chinese EV makers, meanwhile, represent 12% of capacity, with CATL standing out as an industry giant. While these figures count capacity located in Europe, even if it includes non-European-headquartered firms, over 20% of the region's EV battery demand is also met by imported products. Lemaignan said this should be an incentive for Europe to double down on efforts to compete with foreign suppliers. 'There was a lot of hype in 2021 and 2022 and people probably forgot to realise that it takes time to create an industry,' Lemaignan explained. 'We forgot that the Koreans started 30 years ago and the Chinese started 15 years ago…we are in the moment where we need to keep the engagement.' Ensuring fair trading practices When it comes to overseas firms making products outside of Europe and selling into the market, Lemaignan argued that these competitors are not subject to the same environmental and labour standards, giving them an unfair advantage. On the other hand, when asked about firms with European plants that are headquartered outside the region, he said: 'If you are subsidised by a foreign country, for example the US, and you want to be acting in the European market, you need to respect rules and disclose subsidies so as to not tweak the market.' One of the EU's major instruments against unfair competition is the Foreign Subsidies Regulation (FSR). This legal mechanism means the Commission can investigate firms operating in the bloc that have received financial contributions from non-EU countries. Learning from Northvolt's failures Earlier this year, battery maker Northvolt filed for bankruptcy in Sweden, dealing a blow to Europe's battery manufacturing ambitions. The Swedish firm had managed to secure $15bn from governments and investors before its downfall, although it found itself hobbled by high capital costs, supply chain disruptions, and shifts in market demand. 'Northvolt was sort of the poster child in this new green tech industry so it raises a lot of questions,' said Lemaignan. 'We are trying to learn from that…Keep the focus on one product, one customer, one factory, before expanding.' Lemaignan said that Verkor may look to expand in France, or perhaps also in Europe or the US, but he noted that this wouldn't happen in the near future. He called for governments to stay firm in their ambitions to phase out combustion engines and support EV battery companies, despite the challenging economic environment. 'It's not because some have struggled,… like Northvolt, that it's the end of the game. Europe needs to keep pushing,' he said.
Auto Car
26-06-2025
- Automotive
- Auto Car
Inside Renault's radical laboratory on wheels
Renault is treating its Emblème concept as a 'laboratory on wheels for low-carbon mobility'. Revealed at the Paris show in October last year, it is claimed to emit the CO2 equivalent of 90% less greenhouse gas than a 2019 petrol Captur, based on a whole life-cycle analysis. The 4.8m-long estate is planned as a dual-energy EV with a battery and a range-extending hydrogen fuel cell system to keep it topped up if necessary. More than a concept, it's become a rolling study of how best to get small percentage gains in carbon footprint reduction by scrutinising the basics such as aerodynamics, weight and materials used in every detail of the car. Seven materials and components account for 90% of its total carbon footprint and these are the battery, steel, aluminium, polymers, electronic components, tyres and hydrogen fuel cell system, which includes the fuel cell stack, the hydrogen storage tank and the systems that go with them. More than 20 partners worked with Renault and its EV division, Ampere, to achieve a 70% reduction in the carbon footprint of parts production by analysing components and materials on an individual basis. The OPmobility hydrogen fuel tank is made from carbon fibre, an industry-standard material for them, but uses low-carbon energy for the manufacturing process. Carbon emissions for the Verkor high-voltage battery are claimed to have been cut by 72% compared with a 'traditional equivalent battery'. The precise details of what the battery composition will be when the Emblème goes into production isn't yet clear, although Renault has told Autocar the battery will be capable of very high-speed charging. The more conventional aspects of the car's construction include the use of advanced high-strength steels (AHSS) and press-hardenable steels (PHS) developed by ArcelorMittal, which reduce the weight of the body-in-white by 8%. Steels in the B-pillar consist of 75% recycled material produced with renewable electricity, giving an equivalent reduction in CO2 of 69%. The use of recycled aluminium for body panels is well established in the car industry and in this case requires only 5% of the energy compared with the primary material. It can also be recycled indefinitely without deteriorating. Less obvious areas under scrutiny include the interior, where Forvia's natural materials such as linen and pineapple, used for coverings, act as carbon sinks by absorbing CO2 when growing.
