Battery cell maker Northvolt has filed for bankruptcy in Sweden, the company said on Wednesday, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.

Northvolt’s fortunes took a more decisive turn when BMW canceled a $2 billion contract in June 2024. The battery manufacturer had been unable to deliver on time. To conserve cash, it laid off 1,600 employees and sold the assets of its Cuberg division, a Bay Area solid-state battery startup it acquired in 2021.

Northvolt has declared bankruptcy in Sweden, but says its North American operations are solvent. The company is building a large battery factory on Montreal's South Shore.

Northvolt, a Swedish-based battery maker, filed for bankruptcy in its home country as rising debts defeated one of Europe’s best chances at

STOCKHOLM–Swedish battery maker Northvolt filed for bankruptcy in Sweden after it failed to secure the financial backing needed to continue operating.A Swedish court-appointed trustee will now oversee the process,

The future of battery manufacturer Northvolt's planned factory in northern Germany has been cast into doubt after the Swedish company filed for bankruptcy on Wednesday. Operations for Northvolt's German subsidiary are to continue,

STOCKHOLM (Reuters) - The bankruptcy of battery cell maker Northvolt, once the leader of Sweden's green industrial boom, is a huge blow to the country's north and particularly the small town of Skelleftea.

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.

Swedish electric car battery maker Northvolt has filed for bankruptcy in Sweden, dealing a blow to European efforts to challenge Asia's dominance in the key sector. Founded in 2016, Northvolt has struggled under a mountain of debt,

Northvolt said it submitted the bankruptcy filing after an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company." Struggling electric vehicle battery manufacturer Northvolt on Wednesday said it has filed for bankruptcy in Sweden.

Citing two sources, DN reported that Northvolt's board would file for bankruptcy on Wednesday for "the entire Swedish business" if the company fails to raise new funding by then. Northvolt's board is expected to make a definitive decision about the company's future Tuesday evening or early Wednesday, DN reported.