Swedish battery maker Northvolt files for bankruptcy as cash runs out
Northvolt, the Swedish battery cell maker for electric vehicles, said on Wednesday it had filed for bankruptcy in Sweden, one of the country's largest and ending Europe's best hope of developing a rival to major Asian EV battery players.
Things go from bankrupt to worse for Swedish EV battery manufacturer.
After filing for Chapter 11 in the US in November, Northvolt — which worked with Volkswagen, Volvo, Audi, Porsche, and BMW — has now filed for bankruptcy in Sweden. The company was founded by two ex-Tesla executives and was one of Europe’s leading efforts to rival US and Asian battery manufacturers before racking up billions in debt.
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