Northvolt has applied for Chapter 11 bankruptcy protection due to its significant debts of $5.84 billion, while holding just $30 million in cash reserves.
Co-founder and CEO Peter Carlsson has stepped down as Northvolt seeks to restructure, having announced plans to cut 1,600 jobs amid financial strain.
The firm has secured $145 million in cash collateral through bankruptcy proceedings, alongside $100 million in financing from key customer Scania.
Northvolt aims to streamline operations by focusing on core battery cell production, in a bid to overcome financial hurdles and production delays.
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