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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
In November, Sweden's auto market saw plugin EVs hold a 61.7% share, with BEVs at 36.3% and PHEVs at 25.4%. The Tesla Model Y remained the best-selling BEV, while overall BEV sales dropped 11% year-on-year, largely due to tariffs on Chinese models. Despite this, PHEVs gained traction, with new models offering over 50 miles of electric range, indicating a shift in consumer preferences.
Swedish battery manufacturer Northvolt has filed for Chapter 11 bankruptcy in the USA, accumulating $5.8 billion in debt and only $30 million in cash. Investors, including Peter Spuhler's PCS Holding, face significant losses as the company struggles to meet production demands and has halted expansion plans.
UBS has reduced its price target for H&M from 191 to 187 Swedish kronor while maintaining a "Buy" rating ahead of the fashion chain's quarterly results. Analyst Sreedhar Mahamkali anticipates a mixed fourth quarter and has slightly lowered profit forecasts for the financial years 2023/24 to 2025/26, though he finds the risk/reward ratio of the shares appealing.
H&M, a leading retailer, designs and distributes clothing, accessories, and cosmetics for all ages under various brands, including H&M and COS. As of November 2023, it operates 4,369 outlets globally, with significant sales in Germany (14.9%) and the USA (14%), while products are manufactured by subcontractors.
UBS has reduced its price target for H&M from 191 to 187 Swedish kronor while maintaining a "Buy" rating. Analyst Sreedhar Mahamkali anticipates a mixed fourth quarter and has slightly lowered profit forecasts for the financial years 2023/24 to 2025/26, though he finds the risk/reward ratio of the shares appealing. H&M operates 4,369 points of sale globally, with significant sales contributions from Germany and the United States.
UBS has reduced its price target for H&M from 191 to 187 Swedish kronor while maintaining a "Buy" rating. Analyst Sreedhar Mahamkali anticipates a mixed fourth quarter for the fashion chain and has slightly lowered profit forecasts for the financial years 2023/24 to 2025/26, though the shares' risk/reward ratio remains attractive.
Northvolt AB has appointed Markus Dangelmaier as CEO of Northvolt Ett AB, its sole battery cell production facility. This leadership change follows the company's recent Chapter 11 bankruptcy filing in the US, leaving it with just $30 million in cash, sufficient for only one week of operations. Mark Duchesne, the previous head of the plant, departed from his role in early October.
Prime Capital AG has acquired a synthetic aviation fuel project in Sweden, marking a significant step in the country's green-tech transition. Developed by Renewable Energy Systems Holding Ltd., the factory is expected to cost between €1 billion and €2 billion and aims to be operational by the late 2020s, pending necessary approvals. Matilda Afzelius, CEO for the Nordic region at RES, confirmed that her firm will continue to oversee the project's development.
Acorai, a Swedish company focused on heart failure management devices, has secured €4.2 million in funding from the European Innovation Council and private investors to advance clinical trials and regulatory approvals in the U.S. and Europe. The company is developing a noninvasive intracardiac pressure monitoring device, leveraging its patented SAVE Sensor System, and aims for a commercial launch by 2026, potentially benefiting over 60 million heart failure patients globally.
Sweden is on track to see bankruptcy levels exceed 10,000 this year, the highest since the 1990s financial crisis. So far, 9,197 limited companies have declared bankruptcy, marking a 24% increase from last year and a significant 64% rise compared to two years ago, according to Creditsafe.
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