Reported about 7 hours ago
Northvolt AB, once a key player in Europe's electric vehicle battery market, began its decline when BMW canceled a multi-billion dollar order in June. This decision triggered a financial crisis that led to job cuts and a failed emergency funding plan. The company announced a Chapter 11 bankruptcy filing, revealing it had only $30 million left out of $10 billion invested. The situation worsened as Volkswagen, another major investor, withdrew support amid its own financial struggles, leaving Northvolt to restructure while potentially facing liquidation.
Source: YAHOO