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Battery maker Northvolt says it will have the ability to pay its upcoming taxes

Swedish battery maker Northvolt will be able to pay its taxes that fall due on Oct. 14, it told Reuters on Thursday, addressing speculation regarding whether the struggling business would have the ability to do so.

Cash-strapped Northvolt announced in September that it would slim down and cut tasks, stimulating fears that Europe's best shot at a homegrown electric-vehicle battery champion might stall due to production issues, slow demand and competitors from China.

While the company has rapidly broadened over the previous couple of years, one of Europe's best-funded start-ups with more than $10. billion in funding started revealing signs of deep trouble when. German carmaker BMW cancelled a $2 billion order in June

There had actually been large speculation in media that crunch time. for the business could arrive when it faced its next tax payment.

On the concern of whether we will pay our taxes when they. fall due on the 14th of October, the answer is the same when it comes to. other business and is a simple 'yes', a business representative. informed Reuters late on Thursday evening.

Northvolt is due to pay an overall of 287 million Swedish. crowns ($ 27.59 million) on Monday, the Swedish Tax Authority. informed Reuters.

Reuters reported earlier on Thursday that the business was. seeking to sell redundant battery products to raise money,. previously in the week an unit of Northvolt applied for insolvency and. the head of its battery cell factory in Northern Sweden was. changed on Wednesday.

$ 1 = 10.40 Swedish crowns

(source: Reuters)