The filing by its most developed battery player is the biggest blow yet to Europe’s hopes of building its own EV battery sector
Sweden’s Northvolt seeks US Chapter 11 bankruptcy protection in the U.S. Chapter 11 bankruptcy protection, the cash-strapped company said on Thursday.
Local media had reported Chapter 11 was seen as a way for the company, which was set up in 2016, to sort out its finances. But growth in EV demand is moving at a slower pace than some in the industry had projected, and competition remains stiff from China, which controls 85 per cent of global battery cell production, International Energy Agency data shows.
Those talks had become more difficult in recent weeks, one of the sources familiar with the Chapter 11 plan said.
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