Northvolt CEO Resigns Amid Bankruptcy Filing, Shaking Europe's EV Sector
TL;DR Summary
Northvolt's CEO, Peter Carlsson, has resigned following the company's filing for Chapter 11 bankruptcy protection in the US. The Swedish EV battery maker, once a promising European startup, is struggling with financial difficulties, production issues, and the loss of key customers like BMW. Northvolt needs to raise $1-1.2 billion to stabilize its operations, which are currently supported by $100 million in new financing. The company plans to restructure by early 2025, amid a challenging market dominated by Asian competitors.
- Northvolt CEO resigns after EV battery maker files for bankruptcy protection The Guardian
- Battery giant Northvolt files for bankruptcy in major setback to Europe's EV ambitions CNBC
- Northvolt chief resigns a day after battery maker collapses into bankruptcy Financial Times
- 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
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