Leadership and Financial Restructuring
's CEO, , resigned following the company's Chapter 11 filing in the , aiming to restructure its $5.8 billion debt while securing approximately $245 million in financing to support the process.
The Swedish battery maker cited a liquidity crisis, with only $30 million in cash left, as it struggled with production delays and the loss of major customers like , exacerbating its financial difficulties.
Industry Impact and Future Plans
Northvolt's bankruptcy filing highlights 's challenges in establishing a self-sufficient EV battery industry, with the company once seen as a key player in reducing reliance on Chinese battery manufacturers.
Despite the setback, Northvolt plans to continue operations and focus on its main gigafactory in , , and projects in and , aiming to build a resilient battery production base for long-term growth.