Intended battery supplier Lotus and Aston Martin bankrupt

Bad news for Lotus, Aston Martin, the British industry and most of the 300 employees: Britishvolt is bankrupt. According to the BBC employees of the company were informed on Tuesday that there is no other option than to place the company under guardianship. It immediately costs the majority of the 300 employees their jobs, reports the BBC.

Grand plans

Britishvolt, founded in 2019, wanted to build a large battery factory in the United Kingdom and open an R&D center. Construction of the factory started in 2021 and was already halted last summer due to financial problems. Earlier, the company was also discredited when it came to light that one of the founders, the Swede Lars Carlström, had committed tax fraud in his home country. He then stepped up. It is also a blow to the British government; it promised an investment of 100 million pounds (€113 million) in Britishvolt a year ago.

A shareholder declares to the BBC that there has long been an unwillingness on the part of the board to keep things afloat: “It’s madness, I’ve offered several possible solutions. It seems that management wants the company to go bankrupt. Really a shame.” Under the supervision of EY, it is now being examined whether and what Britishvolt can be sold. Reportedly, there is still confidence that a restart can be made under the leadership of a new owner.

Britishvolt’s ‘gigafactory’, the construction of which was halted last summer

Lotus and Aston Martin

Last year, Britishvolt signed agreements with Lotus and Aston Martin for the development and production of batteries for electric models. At Lotus, this must be reflected in a new electric supercar, which may have to be put on hold due to these developments. Aston Martin wants to be a fully electric brand by 2030 and has joined forces with the company to achieve this. What the consequences of the bankruptcy will be for both brands is currently still a guess.