But this happens all the time in the USA, it's quite funny to read comments on HN about how Europe is losing to USA's "innovation" but when one company does follow the USA model (huge injection of capital, unreliable/inexperienced leadership, failure to execute/pivot) then it's an apocalyptic sign. It's risky, and in this case it failed spectacularly.
It's the same thing that always happens in Europe when we're trying to mimic something from the other side of the pond, we do it too late, too small, too fancy.
Here's a nice, detailed, insightful essay (?) on the Canadian tech scene, but of course blindly replacing Toronto with Berlin (or at least the CN tower with the Fernsehturm) and the results are the same.
https://alexdanco.com/2021/01/11/why-the-canadian-tech-scene...
For those looking for another similar example of European subsidized tech failure check the ST-Ericsson story.
I never made a blanket statement that all state subsidized are bad, I just pointed out some cases of major EU failures which you took as a blanket statement.
Ah, the myth of trickle down economics.
That hasn't helped. Subsidized competitors are hard to compete against.
The German factory have indeed received some government subsidies. But that is not the factory with problems (at least not yet).
Nobody said subsidies are THE problem. The problem is the taxpayer being burdened with the losses while footing the bill for those subsidies, when they should be seeing a return on their investment, while the only ones who saw that were the fat cats.
I'm sick and tied of the race to the bottom without any accountability of "hey look, China is giving billions of state subsidies, so that means we should too".
- We, as the supplier, provide battery forming equipment, which includes a series of cells for storage. It's common sense for engineers that nothing except batteries should be placed in these cells. However, they used it to store clutter and notebooks, causing the production line to report errors and stop. Our project manager urgently responded to debug the issue, and their workers even asked where they could put all this mess?
- Regarding explosions. Dust explosion is a common knowledge for engineers. Their explosion happened because they used a regular vacuum cleaner to collect dust from the dust box (which contained metal dust from battery cutting), resulting in a dust explosion. No one knows what their maintenance team was doing. They were also looking for documentation from us, just to shift the blame. There was also another explosion with the oven purchased from a Korean supplier due to management issues that allowed air into the baking equipment.
- Their battery process and technology responsible person knows nothing as well. After we weld batteries, there's a leak testing process for ammonia. This person always asked us if we could use hydrogen because it's cheaper. He had no idea that hydrogen is an explosive gas. I wrote back a response of thousands of words explaining the principles, saying that this was absolutely not suitable because hydrogen itself is flammable and mixed with air would be a highly explosive mixture. He finally gave up on the idea.
Although these are just comments from social media, at least regarding the explosion, there have been other media reports on the issue.
The best managers I had are people who made their career in the US and returned to Europe as senior managers.
On top of that I'd imagine that during the 8 years or so, he probably took out at least 200k EUR in salary, if not more, per year. So a few millions of dollars probably went to the CEO.
Edit: example news from a few hours ago: https://www.svt.se/nyheter/lokalt/vasterbotten/northvoltarbe...
It's unclear if the employees receiving that are actually top management, but honestly, I would be surprised if they're not, as they are the ones who always get this sort of bonuses.
EDIT 2: you don't need to speak Swedish to understand what North Volt itself wrote is about a bonus program, so yes, it most definitely is a bonus: "bonusprogrammet är avgörande för att upprätthålla arbetsmoral, motivation och lojalitet"
Edit (following your edit): You wrote earlier: “including paying millions of dollars in bonus to their incompetent executives”. The link you shared directly contradicts this since it mentions the equivalent of 6M USD distributed to about 230 employees. Another article mentions very explicitly that top management is excluded. According to these articles, it is simply impossible to conclude that top executives will receive “millions of dollars”. You’re just contributing to rumors that are not based on facts.