STOCKHOLM (Reuters) – Swedish battery maker Northvolt will be able to pay its taxes that fall due on Oct. 14, it told Reuters on Thursday, putting to bed speculation over whether or not the struggling company would be able to do so.
Cash-strapped Northvolt announced in September that it would slim down and cut jobs, sparking fears that Europe’s best shot at a home-grown electric vehicle battery champion may stall due to production problems, sluggish demand and competition from China.
There had been wide speculation in media that a key crunch time for the company could be when it faced its next tax payment.
“On the question of whether we will pay our taxes when they fall due on the 14th of October, the answer is the same as for other companies and is a simple ‘yes’,” a company spokesperson told Reuters.
(Reporting by Marie Mannes; Editing by Chizu Nomiyama and Daniel Wallis)
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