This is somewhat true, but I don’t think it is necessarily fair to them. Their strategy was to try to do everything themselves (except raw material mining). By having vertical integration across the battery space, they would be able to hopefully compete on price with the battery giants in China like CATL, while still working out of Europe, which is a lot more expensive in terms of labor costs, and regulation, and everything else. But they didn’t get that far and their biggest customers like BMW started abandoning them while waiting for deliveries to begin. This began the doom spiral. But it is possible that with more money and time this would’ve been the right strategy for the long term competitiveness of the company. Otherwise, if it’s going to be permanently uncompetitive what’s the point? Maybe this was indeed, some kind of scam for government subsidies. But I think it’s more about the difficulty of finding funding to do big things, and to do them properly.