Sweden’s Battery Cell Maker Northvolt Files for Bankruptcy

Northvolt’s bankruptcy dashes EU’s multibillion-dollar net-zero hopes for a domestic EV battery supply, leaving Western carmakers reliant on Chinese rivals.

(L–R) Swedish Ambassador to Germany Veronika Wand Danielsson, Schleswig-Holstein Minister-President Daniel Günther, German Chancellor Olaf Scholz, German Vice Chancellor Robert Habeck, Northvolt CEO Peter Carlsson, and Northvolt-Germany CEO Christofer Haux push a button for the new Northvolt electric car battery gigafactory in Lohe-Rickelshof, Germany, on March 25, 2024. Gregor Fischer/Getty Images

Scandinavian electric vehicle (EV) battery cell manufacturer Northvolt has filed for bankruptcy.

Northvolt on March 12 said that following an “exhaustive effort to explore all available means to secure a viable financial and operational future for the company,” it had filed for bankruptcy in Sweden.