Northvolt Bankruptcy Shakes Europe's EV Future as CEO Resigns
TL;DR Summary
Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the U.S. to restructure its debt and secure new financing, impacting Europe's electric vehicle ambitions. Despite financial challenges, Northvolt aims to continue operations and maintain its flagship gigafactory in Sweden, while reducing its workforce as part of a cost-cutting drive. The restructuring is expected to finalize by early next year, allowing the company to strengthen its capital structure and continue its mission to establish a European base for battery production.
- Battery giant Northvolt files for bankruptcy in major setback to Europe's EV ambitions CNBC
- Northvolt files for Chapter 11 reorganization Northvolt
- An EV battery maker that raised $15 billion from investors including Goldman Sachs filed for bankruptcy protection after almost running out of cash Yahoo! Voices
- Northvolt CEO steps down, says group needs up to $1.2 bln Reuters
- Northvolt chief resigns a day after battery maker collapses into bankruptcy Financial Times
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