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Volkswagen fully wrote down the carrying amount of its Northvolt investment in fiscal 2024. The €0.7 billion non-cash expense reported for that year was not the value of the stake alone: it combined the investment write-down with impairment of Volkswagen’s loan receivables from Northvolt.
What did Volkswagen write down, and how much?
Volkswagen Group’s 2025 Annual Report says the carrying amount of its Northvolt equity investment had been written down in full during fiscal 2024. The report records a combined €0.7 billion non-cash expense for the investment and loan receivables, recognized in other financial result. It does not identify €0.7 billion as a stake-only figure. Volkswagen Group Annual Report 2025: Key events
A full write-down means Volkswagen no longer carried a value for the investment on its books at that point; it does not mean the combined expense was only the equity stake or that the figure represents a cash payment made in 2024.
Why did Volkswagen write down its Northvolt investment?
The accounting write-down reflected a loss in the value Volkswagen expected to recover from its investment and related loan receivables. Northvolt later described mounting financial pressure, including high capital costs, geopolitical instability, supply-chain disruption, changes in demand and challenges ramping up production. Those are Northvolt’s stated explanations for its financial difficulties, rather than a Volkswagen-attributed breakdown of the impairment. Northvolt’s bankruptcy announcement
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How the write-down differs from Volkswagen’s 2025 loss
| Period | Accounting item | Reported amount |
|---|---|---|
| Fiscal 2024 | Combined write-down of the Northvolt investment and loan receivables; the investment’s carrying amount was fully written down. | €0.7 billion non-cash expense |
| Fiscal 2025, from March 31 | Loss when Volkswagen stopped applying the equity method, primarily reflecting foreign-currency translation effects previously recorded in equity being realized and reclassified. | €0.1 billion non-cash loss |
The later €0.1 billion loss was a separate accounting event, not an additional valuation of the stake. Volkswagen reported both figures in its 2025 Annual Report’s account of key events.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Northvolt’s bankruptcy timeline
Northvolt’s November 2024 U.S. Chapter 11 reorganization was distinct from the later Swedish bankruptcy. At the time, the company said certain facilities and subsidiaries would continue operating. Northvolt’s Chapter 11 announcement
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On March 12, 2025, Northvolt AB and named Swedish subsidiaries filed for bankruptcy in Sweden. The company said a court-appointed trustee would oversee the process and the sale of business and assets. That describes what Northvolt announced at filing; it does not establish the eventual disposition of every subsidiary or asset. Northvolt’s Swedish bankruptcy announcement
Volkswagen’s latest cited annual report, the 2025 report published March 10, 2026, is listed on the group’s Financial Reports page. Northvolt’s chairman at the time, Tom Johnstone, said in the bankruptcy announcement: “For me personally, it remains key for Europe to have a homegrown battery industry, but it is a marathon to build such an industry.” That was Johnstone’s perspective on the challenge facing Europe’s battery sector, not an explanation of Volkswagen’s accounting charge.
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