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One of Europe's goals regarding Northvolt has been to reduce the dependence of cells from China. Not just to help the European car industry. I also assume to secure the supply of cells for the military.
The project has, as probably everyone knows, not gone well so far and the company is currently under chapter 11. It seems like it has been hard for the company to find new financiers but the owner has so far declined to liquidate the company.
The european car industry has problems at the moment since China is flooding the market with cheap electric cars and so far Europe hasn't been able to keep up.
The US, under Biden, however made a big push to get cell production going over there. Maybe not a super solution for Europe, but still cells would be available from a friendly country. That way Europe didn't necessarily have to spend a lot of money on build up there own industry.
Then enters Trump... Threatens his nabours, not only with tariffs, but also with military intervention. Not only that. He also threatens to invade Greenland. A region under Danish rule. I assume that MANY rulers in Europe got very freaked out over that.
So... Now we have an aggressive Russia on one side. We have China that has very big ambitions to take USA's role in the world. And the US, which practically guarantees Europe's safety, with a unpredictable convicted felon in the white house.
His election has also shown that the US isn't as stable as we always thought. Questions like "What will happen after Trump" is probably on every European country's table.
This instability might force Europe to invest a lot of money to secure the production of cells within its own borders. I would not be surprised if ECB gives a very beneficial loan to some European car companies to invest in Northvolt. Thereby helping not only Northvolt but also the European car industry.
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