Northvolt files for bankruptcy—putting the breaks on Europe’s EV dreams

Northvolt transformed in a matter of months from Europe’s best shot at a homegrown electric-vehicle battery champion to a struggling company.

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the U.S., dealing a blow to Europe’s hopes that its most developed battery player would reduce Western car makers’ reliance on Chinese rivals.