Northvolt Declares Bankruptcy, Halting Europe's EV Battery Ambitions

Northvolt, a manufacturer of battery cells for electric vehicles, has filed for bankruptcy in Sweden, signaling a major setback for European EV battery advancement. The company's debt stood at over $8 billion as of January 2025. This bankruptcy ranks among the largest in Swedish corporate history, following the demise of Saab Automobile. In response to Northvolt's bankruptcy declaration, Porsche has begun seeking alternative suppliers.