The electric version of the Porsche 718 will be introduced next year, bidding farewell to the gas-powered 718 Cayman and 718 Boxster. But that plan hit a major snag with Swedish battery maker Northvolt filing for bankruptcy.
Back in 2022, the Volkswagen subsidiary announced plans to replace the current generation Porsche 718 with an all-electric range developed from the Mission R concept for 2021 and the GT4 ePerformance prototype from 2022. says the 718 EV should have at least a 250-mile range and use the same 800-volt. properties that allow the Taycan to DC fast charge at a rate of up to 270 kWh. Not to mention the “real sports car” feeling of the car, its battery is placed behind the driver's seat to shift the center of gravity, allowing for very fast, flexible control.
Although Porsche has yet to confirm, reports say the 718 was being powered by a battery from Northvolt, whose major European battery ambitions fell through this year. In 2019, Volkswagen became Northvolt's largest shareholder with a 21% stake, and a few years later signed an order for battery cells worth 14 billion euros over 10 years. However, things at Northvolt started to go south. BMW canceled a 2 billion euro order at the beginning of the year, followed by Volkswagen exiting the board and drastically reducing its shareholding. A few days later, Northvolt filed for bankruptcy in the US through its local subsidiary.
So now the Porsche is left without a battery – and Northvolt's high capacity batteries were essential in keeping the car light and fast with small battery packs. Although there are many providers, switching will require some modification.
Other EVs may be affected, as Audi's deal with Northvolt for batteries used to power models based on the PPE platform, including the A6 tron, is left out of plan B. Audi, however, sources batteries from -CATL and LG , so that the company has an easy transition to get batteries from another supplier that is already on its list.
However, Porsche, too, is reviewing its electrification strategy and says it will expand and introduce new ICE models in the next few years, reversing its decision to keep only the 911 as an organic engine after 2030.
Both the US and Europe have been trying to break away from China's control over the EV battery sector, and Northvolt's failure hit hard. BMW, Volvo, Volkswagen, and others have relied on Northvolt to supply batteries for future EVs. Factories were planned to be built in Gothenburg, southern Sweden, and Poland, Germany, and Canada, all supported by large government subsidies. Back in January, the company raised another five billion dollars, firmly cementing its position as one of Europe's most funded startups and the recipient of the largest loan ever seen in the EU.
Of course, other battery makers have hit hard times, including the Stellantis-backed Automative Cells Company, which has halted construction of factories in Germany and Italy. Volkswagen also recently canceled its plans to build battery factories in Europe and North America.
If you own an electric car, charge your car at home with solar panels on the roof. To make sure you find a reliable, trustworthy solar installer near you who offers competitive prices on solar, check out EnergySagea free service that makes it easy for you to travel in the sun. They have thousands of pre-tested solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Also, it's free to use and you won't get any auction calls until you choose an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you'll get access to impartial Energy Advisors to help you every step of the way. Get started here.
FTC: We use auto affiliate links to earn income. More.